Trumpeting Trumpets has the following inventory data Assumin

Trumpeting Trumpets has the following inventory data:

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

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

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 62*149+186*139 Jul 30 COGS                    174.00                     24,186.00 174*139 Ending Inventory                    198.00                     28,266.00 12*139+ 186*143 COGS                59,278.00 Ending Inventory                28,266.00