Question: Using the FIFO inventory method, what is the cost of goods sold? Units Cost Per Date Source Total Cost Purchased Unit Beginning 1/1/2011 875 $48

Using the FIFO inventory method, what is the cost of goods sold? Units Cost Per Date Source Total Cost Purchased Unit Beginning 1/1/2011 875 $48 $42,000 Inventory 2/1/2011 Purchase 630 $46 $28,980 3/1/2011 Purchase 940 $52 $48,880 Total Goods Available for Sale 2,445 $119,860 Units sold 1825 $75 O $380 O $410 $393 O $400 $590

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