Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 4 weeks ago

Accounting - Perpetual Inventory Using FIFO?

A company uses FIFO for valuing inventory. They purchased 10 units on June 1 for $100 cash. They purchased another 5 units on June 8 for $55, on account. They track their inventory using a perpetual system. 

What is cost of goods sold for the 3 units they sold on June 10?

A. $30

B. $31

C. $33

D. $165

E. $300

F. Need more information to solve this

3 Answers

Relevance
Still have questions? Get your answers by asking now.