HYT Company sells computer monitors (only one model). During February 2017, its
ID: 2414751 • Letter: H
Question
HYT Company sells computer monitors (only one model). During February 2017, its inventory records were as follows: Date Units Unit Cost Total Cost Beginning Inventory 10 $20 $200 February 3 Purchase 21 $21 $441 February 5 Purchase 11 $23 $253 February 7 Sale -26 N/A February 9 Sale -14 N/A February 13 Purchase 21 $22 $462 February 23 Purchase 23 $19 $437 February 25 Sale -14 N/A February 27 Sale -23 N/A The cost of goods sold using the periodic FIFO method is: Select one: a. $1,599 b. $1,622 c. $1,585 d. $1,613
Explanation / Answer
Answer
a ) 1599
particulars unit unit cost total cost
total sales on feb 7&9 40
11 23 253
21 21 441
8 20 160
total 854.
total sales on feb25&27 37
23 19 437
14 22 308
total 745
total 1599
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