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Tamarisk, Inc. has the following inventory data:

July 1 Beginning inventory 90 units at $19 $1710
7 Purchases 315 units at $20 6300
22 Purchases 45 units at $22 990
$9000

A physical count of merchandise inventory on July 30 reveals that there are 150 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is:______

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Answer:

COGS= $5,910

Explanation:

Giving the following information:

Beginning inventory= 90 units at $19

Purchases 315 units at $20

Purchases 45 units at $22

Ending inventory= 150 units

First, we need to determine the number of units sold:

Units sold= 450 - 150= 300 units

Under the FIFO (first-in, first-out) method, the cost of goods sold is calculated using the cost of the first units incorporated:

COGS= 90*19 + 210*20= $5,910

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