Given the following data, what is the cost of goods sold rounded to the nearest whole dollar using periodic FIFO? $\begin{array} { | l | l | }
\hline \text { Sales revenue } & 100 \text { units at } \$ 10 \text { per unit } \
\hline \text { Beginning inventory } & 50 \text { units at } \$ 8 \text { per unit } \
\hline \text { Purchases } & 90 \text { units at } \$ 9 \text { per unit } \
\hline
\end{array}$

Question

Given the following data, what is the cost of goods sold rounded to the nearest whole dollar using periodic FIFO? $\begin{array} { | l | l | } 
\hline \text { Sales revenue } & 100 \text { units at } \$ 10 \text { per unit } \
\hline \text { Beginning inventory } & 50 \text { units at } \$ 8 \text { per unit } \
\hline \text { Purchases } & 90 \text { units at } \$ 9 \text { per unit } \
\hline
\end{array}$

Quizplus · Accepted Answer

Under the periodic FIFO method, the cost of goods sold is calculated by using the oldest costs first. The company sold 100 units. The first 50 units come from the beginning inventory at $8 each ($400), and the next 50 units come from the purchases at $9 each ($450). Adding these together gives a total COGS of $850.

Given the Following Data, What Is the Cost of Goods