Quan uses a periodic inventory system. The company had the following data for the month of...
Quan uses a periodic inventory system. The company had the
following data for the month of April:
| April | 1 | On hand, 10 units @ $2 each | $ 20 | |
| 19 | Purchased 90 units @ $3 each | 270 | ||
| Cost of goods available for sale | $290 | |||
| 30 | On hand, 20 units |
If Quan, Inc. uses the FIFO method, how much is cost of goods sold
for April?
a.$232
b.$240
c.$250
d.$230
Homework Answers
Units available for sale = Beginning inventory + Purchases
= 10 + 90
= 100
Units sold = Units available for sale - Ending inventory units
= 100 - 20
= 80
Under FIFO units sold consists of units from beginning inventory and recent purchases.
80 units sold consists of 10 units from beginning inventory and 70 units from purchases.
Cost of goods sold = (10 * $2) + (70 * $3)
= $20 + $210
= $230
The answer is d.
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