Posted by keri on Tuesday, November 12, 2013 at 12:47am.
patrica is a business owner who is trying to determine her cost of goods sold for 2012. shoe bought 20 units of inventory at $11, then 26 units at $9 and finally 18 units at $14. she sold 30 units in 2012 and uses the fifo for her inventory valuation. what was her cost of goods sold in 2012, assuming that there was no inventory at the beginning of the year?
a.$706
b.$310
c.$360
d $330
e none of the above

math  Steve, Tuesday, November 12, 2013 at 4:02am
If she sold 30 units, then that means she sold
18 @ $14
12 @ $9
total: $360

math  oops  Steve, Tuesday, November 12, 2013 at 4:03am
Oops  I did lifo. Using fifo, she sold
20 @ $11
10 @ $9
total: $310
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