The following information pertains to the Fan Company's inventory item B1008:
$\begin{array}{rlrr}
\text { March 1 } & \text { Inventory Balance } & 400 \text { units } &@\$ 3.10 \
5 & \text { Purchase } & 1,400 \text { units } &@ \$ 3.20 \
14 & \text { Purchase } & 280 \text { units } &@ \$ 3.25 \
31 & \text { Inventory Balance } & 520 \text { units } &
\end{array}$
-In a periodic inventory system,the FIFO cost of goods sold is

Question

Quizplus · Accepted Answer

FIFO cost of goods sold = (400 units x $3.10) + (1,400 units x $3.20) = $4,952

The Following Information Pertains to the Fan Company's Inventory Item