Question

The accounting records of Blossom Company show the following data. Beginning inventory 3,090 units at $5 Purchases 7,930 units at $8 Sales 9,390 units at $10 Determine cost of goods sold during the period under a periodic inventory system using the FIFO method. (Round answer to 0 decimal places, e.g. 1,250.)

Answer 1

Answer:

The cost of goods sold is 65,850

Step-by-step explanation:

FIFO Perpetual chart is attached.

FIFO Perpetual chart shows purchases, sales and balance of  the period.

The cost of goods sold is:

3,090 units x $5=$15,450

6,300 units x $8=$50,400

Total=65,850