The following data applies to a particular item of merchandise:

 

Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; And 200 from the last purchase. The amount of the cost of goods sold would be:

FIFO

LIFO

Weighted Average

Transcribed Image Text:

On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600 On hand at start of period 300 $5.10 1st purchase 500 5.20 2nd purchase 700 5.30 3rd purchase 600 5.50 Number of units available for sale 2,100 On hand at end of period 500 Number of units sold during period 1,600

Answer rating: 100% (QA)

Cost of goods sold FIFO 8390 LIFO 8570 Weighted average 8490 or 8488 Working Units Cost per u... View the full answer