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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.

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Anonymous

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

Answers (4)
  • total units is 500-220left= 280 sold
    FIFO (first in first out) 280*$10 =2800 COGS
    motherofhope98

    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
    Maureen-MD

    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.
    michiganmom116

    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.

    Patientchild3

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

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