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Calculate Inventory Balance Cost Of Goods Sold And Total Sales

Question

Using the following information calculate the ending inventory balance and the cost of goods sold expense that would be reported at the end of January if the FIFO inventory valuation method is used. Assume the periodic method. Round to two decimals. Select the closest solution.

 

 

 

 

Units

Purchase Price Per Unit

Jan 1

Beginning inventory

8

$5

Jan 3

Purchase #1

20

$6

Jan15

Purchase #2

14

$7

Jan 20

Sales

40

 

Jan 30

Purchase #3

15

$8

 

Summary

The question belongs to Finance and it discusses about calculating inventory balance and cost of goods sold and total sales for the month.

Total Word Count 36

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Comments

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    Giuseppe

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