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Determine the cost of goods sold

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Reference no: EM133050709

Question - K-tel Industries had the following activity with one of its inventory items during the current period:

 

 

Units

Unit Cost

Beginning inventory

 

30

$8.00

Purchase

December 5

80

10.50

Sale

December 11

(40)

 

Purchase

December 17

60

12.00

Sale

December 26

(70)

 

Required - Using a perpetual inventory system and the FIFO cost formula, determine the cost of goods sold?

Reference no: EM133050709

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