Use the following data of Bluefish Sales Inc Unit Total Unit

Use the following data of Bluefish Sales, Inc Unit Total Units UnitsCost Cost Sold 25 3 75 7 Beginning inventory Purchase on Apr 25 Pbchase on Nov 16 Sales 287 10 9 90 50 Bluefish Sales uses a FIFO inventory system. Cost of goods sold for the period is OA. $298 OB. $370 OC. $450 D. $250

Solution

Answer:

Cost of goods sold as per FIFO option D)=$250

Working notes for the above answer is as under

Unit

Cost

Total

Beginning

25

3

75

Add:

25-Apr

41

7

287

16-Nov

10

9

90

Total

76

452

Less: Sales

From

Beginning

25

3

75

25-Apr

25

7

175

Total COGS

50

250

Closing Stick

26

202

	Unit	Cost	Total
Beginning	25	3	75
Add:
25-Apr	41	7	287
16-Nov	10	9	90
Total	76		452
Less: Sales
From
Beginning	25	3	75
25-Apr	25	7	175
Total COGS	50		250
Closing Stick	26		202