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Lipton Company completed 112,000 units during the year at a cost of $1,792,000. The beginning finished...

Lipton Company completed 112,000 units during the year at a cost of $1,792,000. The beginning finished goods inventory was 14,000 units at $154,000. Determine the cost of goods sold for 86,000 units, assuming a FIFO cost flow.
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Calculation of Cost of goods sold assuming FIFO

Units Price Per unit Amount
From opening stock    14,000.00 $             11.00 $      154,000.00
During the period    72,000.00 $             16.00 $ 1,152,000.00
Cost of Goods Sold    86,000.00 $ 1,306,000.00
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