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    angie343536 Posts: 14, Reputation: 0
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    Feb 18, 2008, 11:40 PM
    FIFO inventory cost method
    Gibbson Company, which uses a periodic inventory system, made the following inventory purchases during the month of August:

    August 1 200 units at $ 6.50
    August 7 175 units at $ 8.00
    August 23 225 units at $12.00
    August 29 150 units at $14.00

    During the month, Gibbson sold 525 units of inventory.

    Based on the information provided, if Gibbson Company chooses to use the FIFO inventory costing method, then the cost of goods sold that would appear on the income statement for the month ending August 31 would be:

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