Assume that Q-Mart uses a periodic FIFO Inventory system. During the period, it sold 14 units.

Assume that Q-Mart uses a periodic FIFO Inventory system. During the period, it sold 14 units.
Calculate the dollar value of Its cost of goods sold for the period.
Jan.1 Beginning Inventory
Jan. 5 Purchase
Jan. 30 Purchase
Feb.8 Sale
10@$12
10@$15
10@$18
14 units

$180
$240
$150
$210


ABC Co. uses a perpetual inventory system and uses the UFO cost flow assumption. Calculate the
dollar value of its cost of goods sold for the sale made on Jan. 10.
Jan 1 Beginning Inventory
Jan 5 Purchase
Jan 10 Sale
8@$12=$96
12@ $15= $180
11 units x $50 each


$141
$198
$165
$550