4. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000...
4. During 2009, Accent Toys Plc., which began business in October of that year, purchased 10,000 units of a toy at a cost of ₤10 per unit in October. The toy sold well in October. In anticipation of heavy December sales, Accent purchased 5,000 additional units in November at a cost of ₤11 per unit. During 2009, Accent sold 12,000 units at a price of ₤15 per unit. Under the first in, first out (FIFO) method, what is Accent’s cost of goods sold for 2009?
Homework Answers
under FIFO goods purchased early will be sold off.
| 10,000 units purchased in october @10 per unit | 100,000 |
| 2000 units purchased in november @11 per unit | 22,000 |
| total cost of goods sold in 2009 under FIFO | 122,000 pounds |
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