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Compute the cost of goods sold for the year

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Reference no: EM132645984

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

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Units Beginning inventory 310 at $32

Purchase: April 6 480 at $34

Sale: May 4 570

Purchase: July 19 440 at $35

Sale: September 9 560

Purchase: October 10 530 at $42

Allen 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: EM132645984

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