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Afina-wow [57]
3 years ago
6

Grays Company has inventory of 25 units at a cost of $6 each on August 1. On August 3, it purchased 35 units at $11 each. 27 uni

ts are sold on August 6. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 27 units that were sold?
Business
1 answer:
Agata [3.3K]3 years ago
7 0

Answer:

$174

Explanation:

Calculation to determine what amount will be reported as cost of goods sold for the 27 units that were sold

Cost of goods sold=(25 units*$6) + [(25 units -27units)*$12]

Cost of goods sold =$150+$24

Cost of goods sold=$174

Therefore the amount that will be reported as cost of goods sold for the 27 units that were sold is $174

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