FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Given the following:
January 1 inventory
April 1
June 1
November 1
Cost of ending inventory
Number
purchased
48
68
58
63
237
Cost
per unit
$3
6
7
8
Cost of goods sold
Total
$
144
408
406
504
$1,462
a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 69 units).
b. Calculate the cost of goods sold using the FIFO (ending inventory shows 69 units).
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Transcribed Image Text:Given the following: January 1 inventory April 1 June 1 November 1 Cost of ending inventory Number purchased 48 68 58 63 237 Cost per unit $3 6 7 8 Cost of goods sold Total $ 144 408 406 504 $1,462 a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 69 units). b. Calculate the cost of goods sold using the FIFO (ending inventory shows 69 units).
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