USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (2) QUESTIONS: Copeland Company's inventory records for the month of March reveal the following: Mar. 4 Purchase 250 units @ $18.50 Mar. 7 Sale 300 units @ $42.00 Mar. 13 Purchase 220 units @ $18.90 Mar. 18 Purchase 150 units @ $19.00 Mar. 22 Sale 380 units @ $42.00 Mar. 24 Purchase 200 units @ $19.20 Mar. 28 Sale 110 units @ $42.00 Copeland began the month of March with 300 units at a cost of $18.00 each. Required: Calculate cost of goods sold using periodic FIFO: $_______________ *when recording your answer, do not use commas or dollar signs.

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facundobuzzetti facundobuzzetti · Answer 1 · 2019-09-16T14:14:54+02:00

Answer:

Total cost of goods sold= 14563

Explanation:

Giving the following information:

Copeland Company's inventory records for March

Beginning inventory: 300 units $18.00 each.

Mar. 4 Purchase 250 units $18.50 each.

Mar. 7 Sale 300 units $42.00 each.

Mar. 13 Purchase 220 units $18.90 each.

Mar. 18 Purchase 150 units $19.00 each.

Mar. 22 Sale 380 units $42.00 each.

Mar. 24 Purchase 200 units $19.20 each.

Mar. 28 Sale 110 units $42.00 each.

Inventory method: FIFO (first in, first out).

Cost of goods sold:

March 7: Revenue= 300u*$42= 12600

COGS= 300*18= 5400

Mar 22: Revenue= 380u*42= 15960

COGS= 250*18.5 + 130* 18.90= 7082

Mar 28: Revenue= 110*42= 4620

COGS= 90*18.90 + 20*19= 2081

Total cost of goods sold= 5400 + 7082 + 2081= 14563