Kleso, Intermedlate Accounting, 16e Help I System Announcements 08:18 PM/ Remain

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Kleso, Intermedlate Accounting, 16e Help I System Announcements 08:18 PM/ Remaining 6min. CALCuLATR PRINTE VERSION BACK Multiple Choice Question 114 Coronado Industries uses the periodic inventory system. For the current month, the beginning inventory consisted of 400 units that cost $65 each. During the month, the company made two purchases: 700 units at $68 each and 600 units at $70 each. Coronado Industries also sold 1000 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month? $65000. o $66800. o $70100. o $68000 Click if you would like to Show Work for this question: pen Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Answer : $ 66,800

Workings :

Units Unit Cost Amount Beginning Inventory 400 65 26,000 Purchase 700 68 47,600 Purchase 600 70 42,000 Cost of Goods Available for Sale 1,700 115,600 Ending Inventory 700 48,800 Cost of Goods Sold 1,000 66,800

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