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Calculate the cost of goods sold using the fifo

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Reference no: EM131671277

Question - On December 1, Marzion Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $168. One of the three DVD players left in stock, with serial =1012, was purchased on June 1 at a cost of $114. Another, with serial =1045, was purchased on November 1 for $92. The last player, serial =1056, was purchased on November 30 for $87.

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.

Reference no: EM131671277

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