The Quiet Gravestone Company has only one product: a large,3-foot gravestone.Data for inventory during February of the current year are provided below.Assume the company uses a perpetual inventory system and the FIFO cost flow method.
Sales for the month were:
February 7: seven sold at $1,000
February 15: five sold at $1,050
February 20: ten sold at $1,100
Required:
1.What is the cost of goods sold for the February 7 sale?
2.What is the cost of goods sold for the February 15 sale?
3.What is the cost of goods sold for the February 20 sale?
4. If the company used a periodic inventory system and the FIFO cost flow method, what would cost of goods sold be for the month?

Question

The Quiet Gravestone Company has only one product: a large,3-foot gravestone.Data for inventory during February of the current year are provided below.Assume the company uses a perpetual inventory system and the FIFO cost flow method.
  Sales for the month were:
February 7: seven sold at $1,000
February 15: five sold at $1,050
February 20: ten sold at $1,100
Required:
1.What is the cost of goods sold for the February 7 sale?
2.What is the cost of goods sold for the February 15 sale?
3.What is the cost of goods sold for the February 20 sale?
4. If the company used a periodic inventory system and the FIFO cost flow method, what would cost of goods sold be for the month?

Quizplus · Accepted Answer

The Answer of The Quiet Gravestone Company has only one product: a large,3-foot gravestone.Data for inventory during February of the current year are provided below.Assume the company uses a perpetual inventory system and the FIFO cost flow method.
  Sales for the month were:
February 7: seven sold at $1,000
February 15: five sold at $1,050
February 20: ten sold at $1,100
Required:
1.What is the cost of goods sold for the February 7 sale?
2.What is the cost of goods sold for the February 15 sale?
3.What is the cost of goods sold for the February 20 sale?
4. If the company used a periodic inventory system and the FIFO cost flow method, what would cost of goods sold be for the month?

The Quiet Gravestone Company Has Only One Product: a Large,3-Foot