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Homework answers / question archive / Given the following? data, what is cost of goods sold as determined by the FIFO? method? Sales 310 units Beginning inventory 280 units at? $7 per unit Purchases 108 units at? $8 per unit

Given the following? data, what is cost of goods sold as determined by the FIFO? method? Sales 310 units Beginning inventory 280 units at? $7 per unit Purchases 108 units at? $8 per unit

Finance

Given the following? data, what is cost of goods sold as determined by the FIFO? method?

Sales

310 units

Beginning inventory

280 units at? $7 per unit

Purchases

108 units at? $8 per unit

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Computation of the cost of goods sold:-

Cost of goods sold = (280 * $7) + ((310 - 280) * $8)

= $1,960 + (30 * $8)

= $1,960 + $240

= $2,200

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