Business
daisyc98
2017-08-13 04:20:15
NLX Inc. uses the FIFO method of valuing inventory. As of October 31, they had sold 200 shredders and had 95 shredders in their inventory. Find the cost of the goods sold.
ANSWERS
Bencosme8
2017-08-13 06:05:08

Missing data: Date           units received     Unit cost  Oct. 5         100                     31.90 Oct. 12         50                     30.89 Oct. 21        115                    31.75 Oct. 28          30                    30.95 FIFO stands for first in first out. This means that the the oldest shredder is sold first. Sold 200 shredders: 100 * 31.90 = 3,190   50 * 30.89 = 1,544.50   50 * 31.75 = 1,587.50  200                6,322 Ending Inventory cost is: 115 - 50 = 65 65 * 31.75 = 2,063.75 30 * 30.95 =    928.50 95               2,992.25

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