Answer:
cost of goods available for sale: $ 5,300
cost of goods sold : $3,500
ending inventory : $7,100
Explanation:
<em>FIFO is an Inventory Management System that Sales the Oldest Stock first followed by the recent stock acquired.</em>
<u>cost of goods available for sale:</u>
January 1 : 350×$4.00 = $1,400
January 8: 650×$6.00 = $3,900
Total $ 5,300
<u>cost of goods sold :</u>
January 9 and January 28 : 350 × $4.00 = $1,400
: 350 × $6.00 = $2,100
Total = $3,500
<u>ending inventory :</u>
January 31 : 300 × $6.00 = $1,800
: 760 × $7.00 = $5,300
Total = $7,100
