Question

Given the following: Number purchased Cost per unit Total January 1 inventory 40 $ 4 $...

Given the following:

Number
purchased

Cost
per unit

Total

January 1 inventory

40

$

4

$

160

April 1

60

7

420

June 1

50

8

400

November 1

55

9

495

205

$

1,475


a. Calculate the cost of ending inventory using the FIFO (ending inventory shows 61 units).



b. Calculate the cost of goods sold using the FIFO (ending inventory shows 61 units).

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FIFO

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