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Assume Baxter Manufacturing begins January with 11 units of inventory that cost $12 each. During January, the following purchases and goods sold were:
Jan 5
Purchased 8 units at $14
7
Sold 12 units
15
Purchased 6 units at $16
30
Sold 15 units
Using the FIFO inventory costing method and the perpetual system, how much is Costs of Goods Sold for the sale of January 7?

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Answer:

COGS (Jan 7)= $146

Explanation:

Giving the following information:

Jan 1: 11 units for $12 each.

Jan 5: Purchased 8 units at $14

Jan 7: Sold 12 units

Jan 15: Purchased 6 units at $16

Jan 30: Sold 15 units

Under a perpetual inventory system, the cost of goods sold gets accounted as they occur:

FIFO= first-in, first-out

COGS (Jan 7)= 11*12 + 1*14= $146

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