Question

Cavy Company completed 8,990 units during the year at a cost of $566,370. The beginning finished...

Cavy Company completed 8,990 units during the year at a cost of $566,370. The beginning finished goods inventory was 1,980 units valued at $114,840.

Assuming a FIFO cost flow, determine the cost of goods sold for 8,120 units.
$

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Answer #1

Units sold = 8120 units

Beginning finished goods inventory = 1980 units

Value of Beginning finished goods inventory per unit = $114840

Completed unit cost per unit = $566370/8990 = $63

Units sold from completed units =

Total Units sold - Beginning finished goods inventory in units

= 8120 units - 1980 units = 6140 units

Cost of goods sold =

Value of beginning finished goods inventory + Value of units sold from completed units

= $114840 + 6140 units x $63

= $114840 + $386820 = $501660

Cost of goods sold for 8120 units is $501660.

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