Hawkeye Tack uses a periodic inventory system.Hawkeye Tack sold 80 sweaters during September.Other data for September includes: $\begin{array} { | r | l | l | }
\hline \text { Sep. 1 } & \text { Balance } & 40 @ \$ 25 \
\hline 8 & \text { Purchased } & 12 @ 28 \
\hline 17 & \text { Purrchased } & 25 @ 30 \
\hline 25 & \text { Purrchased } & 35 @ 32 \
\hline
\end{array}$ Cost of goods sold under the FIFO method is:

Question

Hawkeye Tack uses a periodic inventory system.Hawkeye Tack sold 80 sweaters during September.Other data for September includes: $\begin{array} { | r | l | l | } 
\hline \text { Sep. 1 } & \text { Balance } & 40 @ \$ 25 \
\hline 8 & \text { Purchased } & 12 @ 28 \
\hline 17 & \text { Purrchased } & 25 @ 30 \
\hline 25 & \text { Purrchased } & 35 @ 32 \
\hline
\end{array}$ Cost of goods sold under the FIFO method is:

Quizplus · Accepted Answer

Under the FIFO (First-In, First-Out) method, the oldest inventory items are sold first. The calculation for the cost of goods sold (COGS) is as follows:1. From Sep. 1: 40 sweaters @ $25 = $1,0002. From Sep. 8: 12 sweaters @ $28 = $3363. From Sep. 17: 25 sweaters @ $30 = $7504. From Sep. 25: 3 sweaters @ $32 = $96 (since only 3 more are needed to reach 80 sold)Adding these amounts gives us the COGS: $1,000 + $336 + $750 + $96 = $2,182.

Hawkeye Tack Uses a Periodic Inventory System Cost of Goods Sold Under the FIFO Method Is: A)$800

Hawkeye Tack Uses a Periodic Inventory System Cost of Goods Sold Under the FIFO Method Is:
A)$800