Consider the following inventory information for last year:
The company uses a periodic inventory system. The year-end inventory count indicated 5,300 units left in inventory.
Required:
Using the first-in, first-out (FIFO)method, calculate the ending inventory value and the cost of goods sold for the year.

Question

Consider the following inventory information for last year:
  The company uses a periodic inventory system. The year-end inventory count indicated 5,300 units left in inventory.
Required:
Using the first-in, first-out (FIFO)method, calculate the ending inventory value and the cost of goods sold for the year.

Quizplus · Accepted Answer

The Answer of Consider the following inventory information for last year:
  The company uses a periodic inventory system. The year-end inventory count indicated 5,300 units left in inventory.
Required:
Using the first-in, first-out (FIFO)method, calculate the ending inventory value and the cost of goods sold for the year.

Consider the Following Inventory Information for Last Year