Question

Given the following information, determine the cost of goods sold for December 31 using the FIFO...

Given the following information, determine the cost of goods sold for December 31 using the FIFO periodic inventory method:

December 2: 12 units were purchased at $7.70 per unit.
December 9: 17 units were purchased at $10.10 per unit.
December 11: 19 units were sold at $35.70 per unit.
December 15: 27 units were purchased at $10.85 per unit.

December 22: 25 units were sold at $35.70 per unit.

$464.65

$557.05

$437.68

$522.05

$426.85

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Answer #1

Ans $ 426.85

Purchases Sales
Date Particulars Quantity Rate Amount Quantity Rate Amount Closing Quantity
DEC
2 Purchases 12 7.7 92.4 12
9 Purchases 17 10.1 171.7 29
11 Sales 19 35.7 678.3 10
15 Purchases 27 10.85 292.95 37
22 Sales 25 35.7 892.5 12
Total 56 557.05 44 1570.8
Total Sales 44 UNITS
Closing 12 UNITS
COST OF GOODS SOLD
12 UNITS OD DEC2, 17 UNITS OF DEC 9, 15 UNITS OF DEC 15
12 * 7.7 + 17 * 10.1 + 15 * 10.85
426.85
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