1 of 7 v core: 0 of 1 pt Question Help QC6-3 (similar to) Assume Fairprice.com b
ID: 2408098 • Letter: 1
Question
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.Explanation / Answer
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
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