FIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10
Fantastic news! We've Found the answer you've been seeking!
Question:
FIFO inventory assumptions:
Beginning inventory of 10 units @ $5 = $50
Purchases month #1 of 10 units @ $10 = $100
Purchases month #2 of 10 units @ $15 = $150
Cost of goods available for sale (subtotal) = $300
Less ending inventory of 10 units
Equals cost of goods sold (also known as cost of sales)
Under the FIFO inventory method, what is the cost of goods sold or cost of sales?
Related Book For
Fundamental Financial Accounting Concepts
ISBN: 978-0078025907
9th edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date: