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What is cost of goods sold on a fifo basis

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Question

Use this inventory information for the month of June to answer the following question.

June 1 (june 1st) Beginning inventory 10 units @ $120

(june 5th) Purchase 60 units @ $112

(june 14th) Sale 40 units

(june 21) Purchase 30 units @ $116

(June 30th) Sale 28 units

Assuming that a periodic inventory system is used, what is cost of goods sold on a FIFO basis?

Reference no: EM132346161

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