Question

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an operating period.
Units Sold
Beginning Inventory
32 $54 $1,728
Sale No. 1 10
Purchase No. 1
28 60 1,680
Sale No. 2 32
Purchase No. 2
20 57 1,140
Totals
80 $4,548 42
Assuming Quebec, Inc. uses the FIFO perpetual inventory procedures, it records sale no. 2 as an entry to Cost of Goods Sold for:
Select one:
A. $1,728
B. $1,860
C. $1,896
D. $1,788

Answer 1

	FIFO-Perpetual
		purchases			cost of goods sold			ending inventory
	no	units	per unit	total	units	per unit	total	units	per unit	total
	1							32	54	1728
	sale 1				10	54	540	22	54	1188
	purchase 1	28	60	1680				22	54	1188
								28	60	1680
	sale 2				22	54	1188
					10	60	600	18	60	1080
							1788
	Answer)	option d
		1,788