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# Is anyone here good in Accounting? PLS Help

I have been trying to answer this question for days and i am stumped.

The beginning inventory for Kincaid Company consists of 300 units valued at \$10 each. Four purchases of 50 units each were made during the year at \$11, \$11.50, \$13, and \$14 per unit, respectively. A physical count reveals 220 units on hand at December 31, which is the end of the accounting period. What is the cost of goods sold for the period under a periodic FIFO system?

Thanks your help would be soo much appreciated.

Asked by Anonymous at 10:57 PM on Aug. 31, 2010 in Money & Work

• total units is 500-220left= 280 sold
FIFO (first in first out) 280*\$10 =2800 COGS

Answer by motherofhope98 at 11:06 PM on Aug. 31, 2010

• I had this whole long answer typed out, and then I realized I subtracted wrong that 500-220 was not 380...so my answer was wrong.

And then Mother beat me to it, so I deleted it and cost myself 500pts...lol

I LOVE Acct, but I hate 500 problems

Answer by Maureen-MD at 11:25 PM on Aug. 31, 2010

• What ^^^she^^^ said!
Assuming COGS is the same as the value, under FIFO, you sold 280 units out of the beginning 300, no more, leaving a remainder of 20 of the beginning units. At the end, you'd still have 20 units worth \$10 each, 50 units worth \$11 each, 50 units worth \$11.50 each, 50 units worth \$13 each, and 50 units worth \$14 each.

Answer by michiganmom116 at 11:28 PM on Aug. 31, 2010

• http://www.scribd.com/doc/33184    check this out...   i hope this helps you.

Answer by Patientchild3 at 12:08 AM on Sep. 1, 2010

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