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Determine cost of goods sold during the period

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Reference no: EM132988478

Swifty Company just took its physical inventory. The count of inventory items on hand at the company's business locations resulted in a total inventory cost of $ 335,000.

In reviewing the details of the count and related inventory transactions, you have discovered the following items had not been considered.

The accounting records of Metlock Electronics show the following data.

Beginning inventory 2,000 units at$ 4

Purchases 8,000 units at$ 6

Sales 9,400 units at$ 10

Problem 1: Determine cost of goods sold during the period under a periodic inventory system using the FIFO method.

Reference no: EM132988478

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