The following data belong to the Q company's Inventory in 2018; Date Description Units Cost Per Unit Nov 2 Beginning Inventory 40 $4.20 Nov 3 Purchase 100 $5.00 Nov 11 Sale 90 Nov 19 Purchase 75 $3.25 Nov 20 Sale 60 Nov 26 Sale 25
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To calculate the COGS using the FIFO method, we need to assume that the first units purchased are the first ones sold. Nov 2: Beginning Inventory - 40 units at $4.20 per unit Nov 3: Purchase - 100 units at $5.00 per unit Nov 11: Sale - 90 units Since the sale Show more…
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