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ABC Co. uses a perpetual inventory system and uses the FIFO cost flow assumption. During the month, it had two sales.
Calculate the dollar value of its cost of goods sold for the first sale made on Jan. 10.

Jan 1 Beginning Inventory 8 @ $12= $96
Jan 5 Purchase 12 @ $15= $180
Jan 10 Sale 11 units x $50 each
Jan 25 Purchase 10 @ $18 = $180
Jan 30 Sale 3 units x $55 each

a) $148.50 b) $151.80 c) $167.20 d) $110

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Answer:

Cost of goods sold for the first sale made on Jan. 10: $141

Explanation:

The FIFO is a method used to account value for inventory. Under the method, the first item of inventory purchased is the first one sold.

Jan 1 Beginning Inventory 8 units, $12 per unit, total $96

Jan 5 Purchase 12 units, $15 per units, total $180

Jan 10 Sale 11 units, $50 per unit

Cost of good sold = 8 x $12 + 3 x $15 = $141

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