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    kzwjms's Avatar
    kzwjms Posts: 1, Reputation: 1
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    #1

    Nov 14, 2008, 10:34 AM
    FIFO method
    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's Avatar
    pready Posts: 3,197, Reputation: 207
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    #2

    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.
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