In: Accounting
Question 3
Oak Tree Ltd. Inventory records for a particular development program show the following at October 31, 2016:
Oct 1 |
Beginning inventory |
5 units @ |
$150 = |
$750 |
15 |
Purchase |
11 units @ |
160 = |
1,760 |
26 |
Purchase |
5 units @ |
170 = |
850 |
At October 31, 10 units of these programs are on hand. Oak Tree Ltd. uses the perpetual inventory system.
end.
First-in, first out cost
of goods sold? What causes the difference in cost of goods sold?