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dexar [7]
2 years ago
13

Oriole Company has the following inventory data:

Business
1 answer:
Yuliya22 [10]2 years ago
7 0

Answer:

$3,942

Explanation:

Step 1 : Determine number of units sold

Units Sold = Total units available for sale - Units remaining in inventory

                  = (45 + 157 + 22) - 56

                  = 168 units

Step 2 : Determine Cost of goods sold

<em>FIFO assumes that the units to arrive first will be sold first.</em>

Cost of goods sold = (45 units x $22) + (123 units x $24)

                               = $3,942

The amount allocated to cost of goods sold for July is: $3,942

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