Suppose that on December 1, Amazon.com has three wireless speakers left in stock. All are identical and all are priced to sell at $114. One of the three wireless speakers left in stock, with serial # 1012, was purchased on June 1 at a cost of $65. Another, with serial # 1045, was purchased on November 1 for $61. The last wireless speaker, serial #1056, was purchased on November 30 for $55. (a) X Your answer is incorrect. Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three wireless speakers were sold by the end of December, Amazon's year-end. FIFO Cost of Goods Sold $ eTextbook and Media 181

Suppose that on December 1, Amazon.com has three wireless 5peakers left in stock. All are identical and all are priced to sell at $114. One of the three wircless speakers left in stock, with serial \#1012, was purchased on June 1 at a cost of $65. Another, with serial \#1045, was purchased on November 1 for \$61. The last wireless speaker, serial \#1056, was purchased on November 30 for $55. (a) Calculate the cost of goods sold using the FIFO periodic inventory method, assuming that two of the three wireless speakers were sold by the end of December, Amazon's year-end. FIFO Cost of Goods Sold