Given the following: Number purchased Cost per unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Given the following: Number purchased Cost per unit Total January 1 inventory 32 $ 4 $ 128 April 1 52 6 312 June 1 42 7 294 November 1 47 8 376 173 $ 1,110 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Given the following:
Number purchased |
Cost per unit |
Total | |||||||||
January 1 inventory | 32 | $ | 4 | $ | 128 | ||||||
April 1 | 52 | 6 | 312 | ||||||||
June 1 | 42 | 7 | 294 | ||||||||
November 1 | 47 | 8 | 376 | ||||||||
173 | $ | 1,110 | |||||||||
a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 53 units).
b. Calculate the cost of goods sold using the FIFO (ending inventory shows 53 units).
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