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Kingbird, Inc. has the following inventory data:

Nov. 1 Inventory 34 units @ $6.80 each
8
Purchase 137 units @ $7.35 each
17 Purchase 68 units @ $7.20 each
25 Purchase 103 units @ $7.50 each

A physical count of merchandise inventory on November 30 reveals that there are 114 units on hand. Cost of goods sold (rounded) under FIFO is

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Answer:

Cost of goods sold (rounded) under FIFO is $ 1.649

Explanation:

Date Q Cost U.Cost inventory Sold Cost

nov-01 34 231,2           6,8  0   34                231

nov-08 137 1006,95          7,35 0   137                1.007

nov-17 68 489,6            7,2 11   57                 410

nov-25 103 772,5            7,5 103   0                  0

                                          114 228              1.649

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