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What will be the business cost of goods sold

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Reference no: EM133021053

Question - A business purchased merchandise to be resold at increasing costs during the year 2021. The purchases were made at the following costs. Ignore GST.

January 1, 2021 (carried over from 2020) 20 units at $10

January 25, 2021 purchase 40 units at $11

March 20, 2021 purchase 40 units at $12

June 10, 2021 purchase 50 units at $13

Assuming the FIFO periodic cost flow assumption, what will be the business's cost of goods sold for the 120 items sold in 2021?

Reference no: EM133021053

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