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Compute the cost of goods sold under fifo

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How would you compute the cost of goods sold under FIFO? The problem is:

Staples has the following inventory data for November:

Nov. 1 Beg Inv. 30 Units cost to Staples @ $6.00 each pen

Nov. 8 Purchase 120 units cost to Staples @ $6.45 each pen.

Nov. 17 Purchase 60 units cost to Staples @ $6.30 each pen

Nov 25 Purchase 90 units cost to Staples @ $6.60 each pen.

Question 1: A physical count on nov. 30th reveals reveals there are 100 pens still in inventory on the retail shelf. Compute the COST OF GOODS SOLD under FIFO.

 

Reference no: EM132493799

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