Trumpeting Trumpets has the following inventory data: July 1 Beginning inventory 62 units at $149 5...

Trumpeting Trumpets has the following inventory data:

July 1	Beginning inventory	62 units at $149
5	Purchases	372 units at $139
14	Sale	248 units
21	Purchases	186 units at $143
30	Sale	174 units

Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?

Expert Solution

FIFO
Date	Particulars	Units	Cost	Amount	COGS
July 01	Purchase	62.00	149.00	9,238.00
July 05	Purchase	372.00	139.00	51,708.00
July 21	Purchase	186.00	143.00	26,598.00
	Total	620.00		87,544.00
Jul 14	COGS	248.00		35,092.00	62149+186139
Jul 30	COGS	174.00		24,186.00	174*139
	Ending Inventory	198.00		28,266.00	12139+ 186143

COGS	59,278.00
Ending Inventory	28,266.00

ekkarill92 answered 2 years ago

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