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What is its cost of goods sold using FIFO

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Question - Anne Teak's knick knack store opened for business on May 1 and had the following inventory transactions occur during the month of May:

MAY 1 Purchase (20 units at 51/unit)

MAY 14 Purchase (32 units at 53/unit)

MAY 25 Purchase (26 units at 49/unit)

During the month of May. Anne Teak's Knick knack store sold 48 units at$78 each.

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

Reference no: EM132235937

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