Kinney company uses a periodic inventory Kinney Company uses a periodic inventor

Question

Kinney company uses a periodic inventory Kinney Company uses a periodic inventory .system. At the end of the annual accounting period, December 31, 2006, the accounting records provided the following information for product A: During 2006, the company sold 5.000 units of product A for dollar 20 each. Compute costs of goods sold under FIFO inventory costing method. dollar 40,000 dollar 39,000 dollar 30,000 dollar 32,000 dollar 35,500 Compute gross profit under FIFO inventory costing method. dollar 60,000 dollar 70,000 dollar 61,000 dollar 68,000 dollar 64,500

Explanation / Answer

49. COGS=3000*6+2,000*7=$32,000

50.Sales-COGS=5,000*20-$32,000=$68,000.

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