1 of 7 v core 0 of 1 pt Question Help QC63 similar to Assume

1 of 7 v core: 0 of 1 pt Question Help QC6-3 (similar to) Assume Fairprice.com began January with 12 units of inventory that cost a total of $192 During January, Fairprice.com purchased and sold goods as follows: Jan. 8 Purchase 36 units@$17 14 Sale 30 units $34 22 Purchase 24 units $19 27 Sale 36 units@$34 under he FOInventoy coding method and h potual inventior østemn how much ia Fairprice.com\'scost of goods sold for the sale on January 147 perpetual inventory system, how much is Fairprice.com\'s cost of goods sold for the sale on January 14? Revie 1 Click the icon to see the Worked Solution.

Solution

  Fairprice.com’s cost of goods sold for the sale on January 14 = $498

[ $192 + 306 = $498 ]

FIFO Method Inventory Schedule

Date

Qty Purchased

Unit Cost

Total Cost

Qty Sold

Unit cost

Cost of goods sold

Ending Inv.Qty

Unit Cost

Total Inventory

Beginning

12

16

192

Jan 8

36

17

612

12

16

192

36

17

612

Jan 14

12

16

192

18

17

306

18

17

306

Date	Qty Purchased	Unit Cost	Total Cost	Qty Sold	Unit cost	Cost of goods sold	Ending Inv.Qty	Unit Cost	Total Inventory
Beginning							12	16	192
Jan 8	36	17	612				12	16	192
							36	17	612
Jan 14				12	16	192	18	17	306
				18	17	306