Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO)Kinventory method.Date of purchase Units purchased Cost per unit Retail price per unitBeginning inventory$840$965February 5$1,770$2,115February 9March 3Units soldThe cost of goods sold is $(Type an integer or a decimal.)4321162572***$945$470$1,208$700

FIRST IN FIRST OUT METHOD : UNDER THIS METHOD THE GOODS PURCHASED FIRST ARE SOLD FIRST AND THE…

Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Beginning inventory February 5 February 9 March 3 Units sold Units purchased Cost per unit Retail price per unit $840 $965 $1,770 $2,115 $945 $470 The cost of goods sold is $ (Type an integer or a decimal.) 43 21 16 25 72 GEEHR $1,208 $700

Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Beginning inventory February 5 February 9 March 3 Units sold Units purchased Cost per unit Retail price per unit $840 $965 $1,770 $2,115 $945 $470 The cost of goods sold is $ (Type an integer or a decimal.) 43 21 16 25 72 GEEHR $1,208 $700

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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Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)