Question

The Cluck-Cluck Corp. starts the year with a beginning inventory of 480 units at $23 per unit. The company purchases 590 units at $40 each in February and 560 units at $24 each in October. Cluck-Cluck sells 240 units during the year. Cluck-Cluck has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold

Answer 1

Answer:

the amount of the cost of goods sold is $5,520

Explanation:

The computation of the cost of goods sold is shown below;

= Unit sold × beginning inventory cost per unit

= 240 units × $23

= $5,520

By multiplying the unit sold with the beginning inventory cost per unit we can get the cost of goods sold

Hence, the amount of the cost of goods sold is $5,520

The same would be considered