6-3 On was purchased on June 1 at a cost of $111. Another, with serial #1045, wa

Question

6-3 On was purchased on June 1 at a cost of $111. Another, with serial #1045, was purchased on November 1 for S 93The last are identical, all are priced to sell at $177, one of the three DVD players left in stock, with serial #1012, player, serial #1056, was purchased on November 30 fr sso. 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, Marzion Electronics' year-end Cost of goods sold 150 two customers? What would Marzion's cost of goods sold be if the company wished to minimize earnings? Maxdmize earnings? if it wished to minimise the earnings. Cost of goods sold would be Cost of goods sold would be

Explanation / Answer

a) The cost of goods sold = $111 + $93 204 b) To minimize earnings it would choose to sell the units purchased at higher costs COGS = $111+ $93 204 To maximize earnings it would choose to sell the units purchased at lower costs–in which case the cost of goods sold ($93+$80) 173

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