Foxie's uses FIFO for valuing inventory. They purchased 10 units on June 1 for $100 cash....
Foxie's uses FIFO for valuing inventory. They purchased 10 units
on June 1 for $100 cash. They purchased another 5 units on June 8
for $55, on account. They track their inventory using a perpetual
system.
What is cost of goods sold for the 3 units they sold on June
10?
Select one:
A. $30
B. $31
C. $33
D. $165
Homework Answers
Sold 3 units on June 10,
Since the company uses FIFO, the first purchased items are sold first.
So, 3 units sold are issued from the inventory purchased on June 1st. 10 units costing $100
So, Cost of goods sold on June 10 will be
$100 * 3 units / 10 units = $30
Option 'A' is correct
$30
Add Answer to:
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Date
Explanation
Units
Unit Cost
Total Cost
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Inventory
200
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$1,000
12
Purchase
400
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23
Purchase
300
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Units
Unit Cost
Total Cost
June 1
Inventory
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$1,000
12
Purchase
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6
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Purchase
300
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