Respuesta :
The costs of goods sold for the first 14 units would be $180 by adopting the First in First out (FIFO) inventory system.
What do you mean by FIFO inventory system?
First In First Out (FIFO) refers to an accounting approach wherein belongings bought or received first are disposed of first. FIFO assumes that the final stock includes items bought last.
The complete information about the question is given below:
Assume that Q-mart uses a periodic FIFO inventory system. During the year, it sold 14 units. Calculate the dollar value of the cost of goods sold for the period
Jan 1 Beginning inventory 10 at $12
Jan 5 Purchase 10 at $15
Jan 30 Purchase 10 at $18
Feb 8 Sale 14 units
As per the given information,
The costs of goods sold for the first 14 units would be:
[tex](10 \times \$12) + (4 \times \$15) = \$180[/tex]
Hence, The costs of goods sold for the first 14 units would be $180 by adopting the First in First out (FIFO) inventory system.
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