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 $________________________
Homework Answers
Answer #1
Cost of goods sold = $164 + $48 = $212
Ending Inventory at 31.12 = $392
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