Name: Inventory Cost Opening Inventory 15 cans @ $2.15 = $32.25 Received on 8th of month 24 cans @ $2.25 = $54.00 Received on 15th of month 24 cans @ $2.15 - $51.60 Received on 23rd of month 12 cans @ $2.60 - $31.20 You should have used all of the opening inventory: all of the products received on the 8th and some of the products received on the 15th. The 25 remaining cans must consist of the 12 cans received on the 23rd and 13 of the cans received on the 15th The value of these cans is? Calculating COG's (Cost of Goods Sold) COG's = Opening Inventory + Purchases for the Period -- Ending Inventory Note: Closing inventory for a month becomes the opening inventory for the next month. February's Opening Food Inventory Food Purchases Made in February Closing Inventory for February February Food Sales 120,000 85,362 105,845 352,943 ? Calculate the COGs for February ? Calculate February's Food Cost% What is March's Opening Inventory Value