Question

Assuming Christy’s Cookie Company uses the FIFO inventory cost allocation method, determine the ending inventory balance...

Assuming Christy’s Cookie Company uses the FIFO inventory cost allocation method, determine the ending inventory balance as of December 31st and the Cost of Goods Sold for the year. Christy’s Cookie Company uses the periodic system to track changes in the inventory account.

Date

Quantity Purchased

Quantity

Sold

Cost per Unit

Quantity on Hand

1/1

$10

8

3/25

25

$12

33

7/14

15

18

10/22

16

$14

34

12/31

4

30

Cost of Goods Sold for the year $________________________

Ending Inventory at 12.31 $________________________

Business   Accounting   
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Answer #1

Cost of goods sold = $164 + $48 = $212

Ending Inventory at 31.12 = $392

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