Chester Inc. uses a periodic inventory system. Its records show the following for the month of August, in which 325 units were sold: Date Number of units Cost per unit Total cost September 1 Inventory, beginning 300 $18 $5,400 September 15 Purchase 250 $20 $5,000 September 29 Purchase 100 $22 $2,200 Total 450 $12,600.

Compute cost of goods sold for the month of August assuming that Chester Inc. uses the first-in, first-out (FIFO) inventory costing method.

Answer rating: 100% (QA)

To compute the cost of goods sold COGS for the month of August using the FIFO firstin firstout inventory costing method we need to determine the cost ... View the full answer