Solution-What is the cost of goods sold for january

What is the cost of goods sold for january

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Question - Nordic Industries uses a periodic inventory system. During its first month of operations, Nordic Industries purchased inventory as follows:

	Units	Unit Cost	Total Cost
January 3	150	$15	$2,250
January 12	200	20	4,000
January 20	250	20	5,000
January 25	300	30	9,000
	900		$20,250

There were 100 units in ending inventory on January 31.

1. Required information Use the information above to answer the following question. Under the LIFO cost method, what is the cost of goods sold for January?

a. $17,250

b. $19,500

c. $18,750

d. $18,000

2. Required information Under the FIFO cost method, what is the cost of goods sold for January?

a. $17,250

b. $16,500

c. $18,750

d. $18,000

Reference no: EM132113331

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What is the cost of goods sold for january

Reference no: EM132113331

Reference no: EM132113331

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