QUESTION 13 A company had the following purchases and sales during its first yea

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QUESTION 13 A company had the following purchases and sales during its first year of operations: 10 units at $120 20 units at $125 6 unitr 5 unitt 9 units 12 units at $1358 units 13 units 10 units at $140 On December 31, there were 26 units remaining in ending inventory. Using the Perpetual FIFO inventory valuation method what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.) $8,670. $3,540 O$5,400. $5,130. $3,270. Click Save and Submit to save and submit. Ctick Save All Answers to save all answers. Save All Ans

Explanation / Answer

Cost of Goods Sold under Perpetual FIFO Method Month Purchase Qty (Units) Rate ($) Sold (Units) Cost ($) Cost of Goods Sold Ending Inventory January: 10 120 6 120 720 4 February 20 125 5 121 605* 19 May 15 130 9 125 1125 25 September 12 135 8 125 1000 29 November 10 140 13 129.23 1680** 26 67 41 5130 Note * (4X120)+(1X125) ** (2X125)+(11X130)

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