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Compute the cost of goods sold for the year

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Question - Gonzalez Company had the following information for the year ending December 31:

 

Units

Unit Cost

Beginning inventory

340

$45

Purchase: April 6

460

44

Sale: May 4

550

 

Purchase: July 19

590

43

Sale: September 9

380

 

Purchase: October 10

100

32

Gonzalez uses the perpetual inventory system and the FIFO method.

Required: Using FIFO

(a) Compute the cost of ending inventory.

(b) Compute the cost of goods sold for the year.

Reference no: EM132437292

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