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Novosadov [1.4K]
3 years ago
10

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at $20 1

7 Sold 20 units 30 Purchased 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses FIFO?
Business
1 answer:
SSSSS [86.1K]3 years ago
8 0

Answer:

cost of goods sold = $580

Explanation:

The cost of the goods sold means the cost price of the total sales volume. As the company uses FIFO (First-in, First-out) method and also uses the perpetual inventory system, the cost of goods sold =

Cost of goods sold =

20 units × $19 = $380 (The price is from November 1)

10 units × $20 = $200 (The price is from November 10)

The total cost of goods sold (30 units) = $580

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