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Calculate the cost of goods sold for the month

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Reference no: EM133052209

An inventory record card for item T-389 shows the following details in 2019.

Date

Purchases

Sales

Balance

 

Quantity

Cost/Unit

Quantity

Cost/Unit

Quantity

Cost/Unit

 

Nov 1

 

 

 

 

65

$72

 

Nov 3

120

$60

 

 

65

$72

 

 

 

 

 

 

120

$60

 

Nov 14

 

 

65

$72

 

 

 

 

 

 

20

$60

100

$60

 

Nov 24

41

$76

 

 

100

$60

 

 

 

 

 

 

41

$76

 

Nov 25

 

 

90

$60

10

$60

 

 

 

 

 

 

41

$76

 

Required

The company uses the FIFO cost method for inventory valuation under the perpetual inventory system. Calculate the cost of goods sold for the month, and the value of ending inventory on November 25.

Reference no: EM133052209

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