Singleton Company's perpetual inventory records included the following information:

-If Singleton uses the FIFO cost flow method,its cost of goods sold would be $4,490.

Question

Singleton Company's perpetual inventory records included the following information:
 
-If Singleton uses the FIFO cost flow method,its cost of goods sold would be $4,490.

Quizplus · Accepted Answer

The first-in,first-out (FIFO)cost flow method requires that the cost of the items purchased first be assigned to cost of goods sold.
Cost of goods sold = (200 units × $7.00 per unit)+ (150 × $8.00 per unit)+ (170 × $9.00 per unit)= $4,130

Singleton Company's Perpetual Inventory Records Included the Following Information