Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Pu...

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Given the following data, what is cost of goods sold as determined by the FIFO method? Sales Beginning inventory Purchases 29

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Answer 1

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Answer #1

Answer :- Calculation of Cost of goods Sold as determined by the FIFO method :-

Cost of goods sold = (270* $5) + ( 20 * $10)

Cost of goods sold = $1,350 + $200

Cost of goods sold = $1,550

So the cost of goods sold by FIFO method is $1,550. Therefore the correct answer is option C ( $1,550).

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