On December 1, Skysong, Inc. has three DVD players left in stock. All are identical, all are priced to sell at $86. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $53. Another, with serial #1045, was purchased on November 1 for $49. The last player, serial #1056, was purchased on November 30 for $41. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Skysong, Inc.' year-end. Cost of goods sold $

On December 1, Skysong, Inc. has three DVD players left in stock. All are identical, all are priced to sell at $86. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $53. Another, with serial #1045, was purchased on November 1 for $49. The last player, serial #1056, was purchased on November 30 for $41. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three players were sold by the end of December, Skysong, Inc.' year-end. Cost of goods sold $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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