Respuesta :
The cost of this inventory by FIFO will be $ 880.The cost of this inventory by FIFO is equal to the cost of your oldest inventory and multiply that cost by the number of goods sold.
What is inventory?
Both the raw materials required to make products and the products that are on hand for sale are included in inventory.
A furniture outlet has made the following wholesale purchase of a new kitchen chair.;
No of the chairs cost
18 $ 55
19 $ 60
12 $ 55
The cost of this inventory by FIFO
No of the chairs are still in stock = 33
No of the chairs sold= (18+19+12)-33
=16
Cost of oldest inventory = $ 55
No of inventory sold =16
The cost of this inventory by FIFO is found as;
C = $ 55 × 16
C= 880
Your inventory remaining value is $ 1910.00.
Your Cost of Goods Sold (COGS) is $ 880.00.
Hence, the cost of this inventory by FIFO will be $ 880.
To learn more about the inventory refer;
https://brainly.com/question/14184995
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