Business, 07.10.2019 23:00 melwamb

Sanfillipo, inc., had 800 units of inventory on hand at march 1 of the current year, costing $20 each. purchases and sales of inventory during the month of march were as follows: date purchases sales march 8 600 units 15 400 units @ $22 each 22 400 units @ $24 each 27 400 units sanfillipo uses the perpetual inventory system. according to a physical count, 600 units were on hand at the end of march. the cost of goods sold for march applying the fifo method is:

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According to a physical count, 600 units were on hand at the end of March. The cost of goods sold for March applying the FIFO method is:

$1081600

Explanation:

MARCH 1 80020

MARCH 8860022

MARCH 81540022

MARCH 82240024

MARCH 82740024

Final Inv. 600

Sell units 74000

FIFOPurch.Unit costSell Un.Cost

MARCH 1 80020800 16000

MARCH 88600228600189200

MARCH 8154002215400338800

MARCH 8224002422400537600

MARCH 8274002426800643200

740001081600

Answer from: pdipti725

$20,400

Explanation:

Sanfillipo's merchandise inventory during March:

Date Units purchased Cost per unit

March 1 800 $20

March 15 400 $22

March 22 400 $24

total 1,600

Since the ending inventory was only 600 units, it means that Sanfillipo sold 1,000 units. Using the FIFO method, the cost of goods sold was:

800 units x $20 = $16,000

200 units x $22 = $4,400

total COGS = $20,400

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