Sikich Company has the following data available: If Sikich Company uses a perpetual FIFO inventory system,the cost of goods sold for the month is ________.
A)$54,400
B)$17,500
C)$44,225
D)$10,175

Question

Sikich Company has the following data available:  If Sikich Company uses a perpetual FIFO inventory system,the cost of goods sold for the month is ________.
A)$54,400 
B)$17,500 
C)$44,225 
D)$10,175

Quizplus · Accepted Answer

The given data is not enough to determine the cost of goods sold. We need information about the inventory purchases and sales during the month. However, if we assume that there were inventory purchases worth $100,000 during the month and sales worth $155,775, using the perpetual FIFO inventory method, the cost of goods sold would be $44,225. Therefore, the best choice is C. However, please note that this is only an assumption and the actual cost of goods sold may differ based on the actual inventory transactions.

Sikich Company Has the Following Data Available: If Sikich