A company purchases inventory as shown: Date Units Cost of each Cost of purchase January 1 20
Fantastic news! We've Found the answer you've been seeking!
Question:
A company purchases inventory as shown:
Date | Units | Cost of each | Cost of purchase |
January 1 | 20 | $3.00 | $60.00 |
January 6 | 20 | $2.80 | $56.00 |
January 12 | 20 | $2.70 | $54.00 |
January 26 | 20 | $2.50 | $50.00 |
January 29 | 20 | $2.50 | $50.00 |
Totals | 100 | | $270.00 |
If the company sells 80 of the units at $3.50 each, what is the cost of goods sold using the FIFO cost assumption?
a. $220
b. $210
c. $216
d. $215
e. $270
Related Book For
Posted Date: