Kingbird, Inc. has the following inventory dа ta:

Nov. 1 Inventory 34 units @ $6.80 each

8

Purchase 137 units @ $7.35 each

17 Purchase 68 units @ $7.20 each

25 Purchase 103 units @ $7.50 each

A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Cost of goods sold (rounded) under FIFO is

Question

Business

Sarah Tran

Today, 05:50

Kingbird, Inc. has the following inventory dа ta:

Nov. 1 Inventory 34 units @ $6.80 each

8

Purchase 137 units @ $7.35 each

17 Purchase 68 units @ $7.20 each

25 Purchase 103 units @ $7.50 each

A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Cost of goods sold (rounded) under FIFO is

+5

Answers (1)

Know the Answer?

Leia Garrett · Answer 1

Cost of goods sold (rounded) under FIFO is $ 1.649

Explanation:

Date Q Cost U. Cost inventory Sold Cost

nov-01 34 231,2 6,8 0 34 231

nov-08 137 1006,95 7,35 0 137 1.007

nov-17 68 489,6 7,2 11 57 410

nov-25 103 772,5 7,5 103 0 0

114 228 1.649