On December 1, LoPrice Electronics has three DVD players left in stock. All are

Question

On December 1, LoPrice Electronics has three DVD players left in stock. All are identical, all are priced to sell at $85. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $52. Another, with serial #1045, was purchased on November 1 for $48. The last player, serial #1056, was purchased on November 30 for $40.

(a) 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, LoPrice Electronics' year-end.

Explanation / Answer

2 units using the fifo(first in first out) would record the cost of the first two purchases($100.00). Don't let the 'periodic' trip you up. It just means that the purchases were/are recorded in Dec.

Related Questions

Navigate

• Browse (All)
• Browse O
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.