Tedder Co. Tedder uses a periodic inventory system.At the end of January,20 units were on hand.The following additional information is available for the month of January:

-Refer to the information provided for Tedder Co.If the company uses FIFO inventory costing,how much is cost of goods sold for January?

Question

Tedder Co. Tedder uses a periodic inventory system.At the end of January,20 units were on hand.The following additional information is available for the month of January:

-Refer to the information provided for Tedder Co.If the company uses FIFO inventory costing,how much is cost of goods sold for January?

Quizplus · Accepted Answer

Under FIFO (First-In, First-Out), the oldest inventory costs are used up first. Assuming the inventory details provided allow for this calculation, $230 would be the cost of goods sold for January using FIFO.

Tedder Co Tedder Uses a Periodic Inventory System