Glasgow Enterprises started the period with 60 units in beginning inventory that

Question

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.20 each. During the period, the company purchased inventory items as follows. Glasgow sold 290 units after purchase 3 for $10.40 each.

Glasgow's cost of goods sold under FIFO would be:

Multiple Choice

$638.

$834.

$928.

Purchase No. of Items Cost 1 270 $ 2.70 2 185 $ 2.80 3 55 $ 3.20 Glasgow Enterprises started the period with 60 units in beginning inventory that cost $2.20 each. During the period, the company purchased inventory items as follows. Glasgow sold 290 units after purchase 3 for $10.40 each. Purchase No. of Items Cost $2.70 $2.80 $3.20 270 2 185 Glasgow's cost of goods sold under FIFO would be: Multiple Choice $638. $928 $753

Explanation / Answer

D. $753

Glasgow's cost of goods sold under FIFO would be:

= (60 x $2.20) + (230 x $2.70)

= $753

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