The cost of goods sold in dollars for the first sale made on Jan. 10, using FIFO, is <u>$141</u>.
<h3>What is the FIFO method?</h3>
FIFO means First-in, First-out.
The FIFO inventory method assumes that the Jan. 10 sales of 11 units were made from goods in stock on January 1 and the purchase on Jan. 5.
Using FIFO under the perpetual inventory system, the cost of goods sold on Jan. 10 is calculated as follows:
<h3>Question Completion Data and Calculations:</h3>
Jan 1 Beginning Inventory 8 at $12= $96
Jan 5 Purchase 12 at $15= $180
Jan 25 Purchase 10 at $18= $180
Jan 10 Sale 11 units x $50 each
Jan 30 Sale 3 units x $55 each
Cost of goods sold on Jan. 10 using FIFO = 141 (8 x $12 + 3 x $15)
Thus, the cost of goods sold in dollars for the first sale made on Jan. 10, using FIFO, is <u>$141</u>.
Learn more about the FIFO method at brainly.com/question/11493725
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