Respuesta :
Answer:
$208
Explanation:
Using the FIFO Inventory method, inventory items are assumed to be sold in the order in which they were purchased from the earliest to the latest.
The order of purchase of the inventory items are.
Jun. 1, DVD Player 1012, $113
Nov. 1, DVD Player 1045, $95
Nov. 31, DVD Player 1056, $88
Therefore, if two of the three items are sold, the cost of goods sold is the cost of the first two items purchased
= 113 + 95 = $208.
Answer:
$208
Explanation:
In order to calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, we will assume that the two DVDs sold were in accordance to the sequence in which they were bought.
FIFO as the name implies means first in first out.
Therefore the cost of sales will be the addition of the amounts for those two: The first, with serial #1012, was purchased on June 1 at a cost of $113.
Th second, with serial #1045, was purchased on November 1 for $95
Therefore $113+ $95 = $208
