Barry's Books uses a periodic inventory system.Barry's Books sold 45 copies of Helpful Hints during September.Other data for September include: $\begin{array} { | r | l | l | }
\hline \text { Sep. 1 } & \text { Balance } & 12 \text { books } @ \$ 20 \
\hline 8 & \text { Purchased } & 10 \text { books } @ \$ 21 \
\hline 17 & \text { Purrchased } & 30 \text { books } @ \$ 22 \
\hline 25 & \text { Purrchased } & 15 \text { books } @ \$ 24 \
\hline
\end{array}$ Cost of goods sold under the FIFO method is:

Question

Barry's Books uses a periodic inventory system.Barry's Books sold 45 copies of Helpful Hints during September.Other data for September include: $\begin{array} { | r | l | l | } 
\hline \text { Sep. 1 } & \text { Balance } & 12 \text { books } @ \$ 20 \
\hline 8 & \text { Purchased } & 10 \text { books } @ \$ 21 \
\hline 17 & \text { Purrchased } & 30 \text { books } @ \$ 22 \
\hline 25 & \text { Purrchased } & 15 \text { books } @ \$ 24 \
\hline
\end{array}$ Cost of goods sold under the FIFO method is:

Quizplus · Accepted Answer

FIFO (first-in, first-out) assumes that the first books purchased are the first books sold. Therefore, the cost of goods sold for September is:12 books @ $20 = $24010 books @ $21 = $21023 books @ $22 = $506Total cost of goods sold = $956

Barry's Books Uses a Periodic Inventory System Cost of Goods Sold Under the FIFO Method Is: A)$956

Barry's Books Uses a Periodic Inventory System Cost of Goods Sold Under the FIFO Method Is:
A)$956