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kzwjms
Nov 14, 2008, 10:34 AM
Following inventory:
4/15 200 units purchased $5.00 total $1000
4/24 500 units purchased $6.00 total $3000
4/26 300 units purchased $5.50 total $1650
4/29 400 units purchased $5.75 total $2300

TOTAL 1400 units purchased $7950

Sold 850 baseball caps during April, using the FIFO method, calculate cost of goods sold for April.

pready
Nov 14, 2008, 03:09 PM
Under FIFO the inventory that was sold is
4/15 inventory of 200 units, 4/24 inventory of 500 units, 4/26 inventory of 150 units.

Take these numbers X their unit price to calculate COGS.