Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below) Beech Soda, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its 3.1 points purchases during the month of January were as follows: Total Cost 160 168 345 673 Quantity Unit Cost Beginning inventory (Jan 1) Purchase (Jan. 11) Purchase (Ja. 20) Total $ 10 12 23 15 16 14 53 On January 14, Beech Soda, Inc. sold 25 units of this product. The other 28 units remained in inventory at January 31. Assuming that Beech Soda uses the FIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is

Explanation / Answer

Cost of goods sold (FIFO) quantity unit cost Total cost Beginning inventory 16 10 160 purchases (jan11)0 14 12 168 purchases (jan20 23 15 345 Goods available for sale 53 673 Cost of goods sold 16 10 160 9 12 108 Cost of goods sold 25 268

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