Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of unitsUnit cost SalesBeginning inventory800$ 50 purchased 600 52 Sold 400 $ 80Sold350 90Ending inventory 650 Use this chart: FIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory Remaining Number of UnitsUnit CostTotal Cost Number of UnitsUnit CostTotal Cost Number of UnitsUnit CostTotal CostBeginning Purchase Sale Sale Total Purchases Total COGS

FIFO means First-in-first-out It is one of the inventory valuation method. As per this method…

Answered: Calculate the cost of goods sold dollar…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).

	Number of units	Unit cost	Sales
Beginning inventory	800	$ 50
purchased	600	52
Sold	400		$ 80
Sold	350		90
Ending inventory	650

Use this chart:

FIFO (perpetual) Inventory
	Cost of Goods Purchased		Cost of Goods Sold		Cost of Inventory Remaining
	Number of Units	Unit Cost	Total Cost		Number of Units	Unit Cost	Total Cost	Number of Units	Unit Cost	Total Cost
Beginning

Purchase


Sale


Sale


Total Purchases				Total COGS

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