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What is the cost of goods sold amount using the fifo method

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Reference no: EM132967593

WellSurf Ltd sells one type of surfboard and has the following inventory transactions for the half year ending 31 December 2020:

                                                               Units                       Price/unit           Total
Opening inventory at 1 July 2020         500                      $250             $125,000
Purchases on 1 August 2020                1000                   $260               $260,000
Purchases on 15 October 2020              500                    $290              $145,000
Purchases on 20 December 2020            900                   $300            $270,000
Total                                                                         2900                $800,000

During the year, WellSurf Ltd sells 2500 surfboards. The company uses the periodic system to manage inventory.

Problem 1: What is the cost of goods sold amount using the FIFO method?

a. $689 655.
b. $700 000.
c. $680 000.
d. $860 000.

Reference no: EM132967593

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