4. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of ?10 per unit in October. The toy sold well in October. In anticipation of heavy December sales, Accent purchased 5,000 additional units in November at a cost of ?11 per unit. During 2009, Accent sold 12,000 units at a price of ?15 per unit. Under the first in, first out (FIFO) method, what is Accent’s cost of goods sold for 2009?

Answer rating: 100% (QA)

Under the FIFO FirstIn FirstOut method the cost of goods sold COGS is calculated by assuming that t... View the full answer