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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
Expert Solution
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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