Homework Answers
As per FIFO;goods purchased first are sold off first.Hence:
Cost of goods sold on Oct 24=(16 units@$19)+(4 units@$22)
=$392
Inventory on Oct 31=(30 units@$22)
=$660
First sale would consist of 39 units of Oct 1 inventory.Hence balance after first sale would be 16 units of Oct 1 inventory.
For second sale;sale of 20 units would consist of:
a.16 units of Oct 1 inventory
b.Balance=(20-16)=4 units of Oct 15 purchase.
Hence inventory on October 31 would be=(34-4)=30 units of Oct 15 purchases.
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