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The Laurel Corporation starts the year with a beginning inventory of 310 units at $6 per unit. The company purchases 505 units at $5 each in February and 220 units at $7 each in October. Laurel sells 155 units during the year. Laurel has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold?

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Answer:

COGS= $930

Explanation:

Giving the following information:

Beginning inventory= 310 units at $6 per unit.

Purchases:

February= 505 units at $5 each

October= 220 units at $7 each in October.

Laurel sells 155 units during the year.

Using the FIFO (first-in,first-out) method of inventory, the cost of goods sold is calculated using the cost of the first units incorporated.

COGS= 155*6= $930

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