Shirey Co.
Shirey uses a periodic inventory system. At the end of January, 20 units were on hand. The following additional information is available for the month of January.

-Refer to the information provided for Shirey. If Shirey uses FIFO inventory costing method, how much is cost of goods sold for January?

Question

Shirey Co. 
Shirey uses a periodic inventory system. At the end of January, 20 units were on hand. The following additional information is available for the month of January.

-Refer to the information provided for Shirey. If Shirey uses FIFO inventory costing method, how much is cost of goods sold for January?

Quizplus · Accepted Answer

FIFO (First-In, First-Out) means the oldest inventory costs are used up first. Assuming Shirey sold goods in January, the cost of goods sold would be based on the oldest inventory costs available.

Shirey Co. Shirey Uses a Periodic Inventory System. at the End of the End