purchases sales units unit cost units selling price/unit 3/1 beginning inventory 100 $40 3/3 purchase 60 $50…

purchases sales units unit cost units selling price/unit 3/1 beginning inventory 100 $40 3/3 purchase 60 $50 3/4 sales 60 $80 3/10 purchase 200 $55 3/16 sales 70 $90 3/19 sales 90 $90 3/25 sales 60 $90 3/30 purchase 40 $60 (a) your answer is correct. using the fifo assumption, calculate the amount charged to cost of goods sold for march. cost of goods sold $ 13600 etextbook and media attempts:unlimit

purchases sales units unit cost units selling price/unit 3/1 beginning inventory 100 $40 3/3 purchase 60 $50 3/4 sales 60 $80 3/10 purchase 200 $55 3/16 sales 70 $90 3/19 sales 90 $90 3/25 sales 60 $90 3/30 purchase 40 $60 (a) your answer is correct. using the fifo assumption, calculate the amount charged to cost of goods sold for march. cost of goods sold $ 13600 etextbook and media attempts:unlimit

Answer

Explanation:

Step1: Calculate units sold

Total units sold = 60 + 70+90 + 60=280

Step2: Allocate costs using FIFO

  • First, use 100 units from beginning - inventory at $40 per unit: Cost = 100×40 = $4000
  • Then, use 60 units from 3/3 purchase at $50 per unit: Cost = 60×50 = $3000
  • Then, use 120 units from 3/10 purchase at $55 per unit: Cost = 120×55 = $6600

Step3: Sum up the costs

Cost of goods sold = 4000 + 3000+6600 = $13600

Answer:

$13600$