Use the following information for questions
Kiner Co.has the following data related to an item of inventory: $\begin{array}{lc}
\text { Inventory, March } 1 & 100 \text { units } @ \$ 4.20 \
\text { Purchase, March } 7 & 350 \text { units } @ \$ 4.40 \
\text { Purchase, March } 16 & 70 \text { units } @\$ 4.50 \
\text { Inventory, March } 31 & 130 \text { units }
\end{array}$
-The value assigned to cost of goods sold if Kiner uses FIFO is
A)$579.
B)$552.
C)$1,723.
D)$1,696.

Question

Use the following information for questions 
Kiner Co.has the following data related to an item of inventory: $\begin{array}{lc}
\text { Inventory, March } 1 & 100 \text { units } @ \$ 4.20 \
\text { Purchase, March } 7 & 350 \text { units } @ \$ 4.40 \
\text { Purchase, March } 16 & 70 \text { units } @\$ 4.50 \
\text { Inventory, March } 31 & 130 \text { units }
\end{array}$
-The value assigned to cost of goods sold if Kiner uses FIFO is
A)$579.
B)$552.
C)$1,723.
D)$1,696.

Quizplus · Accepted Answer

Under FIFO, the oldest costs are assigned to the cost of goods sold. The cost of goods sold is calculated as follows: 100 units @ $4.20 + 320 units @ $4.40 = $1,696.

Use the Following Information for Questions Kiner Co -The Value Assigned to Cost of Goods Sold If Kiner

Use the Following Information for Questions
Kiner Co -The Value Assigned to Cost of Goods Sold If Kiner