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Elvira Corporation uses a periodic inventory_system. The following transactions affected its merchandise inventory during the month of August year 1 : - Aug. 1 Inventory on hand-2,000 units; cost $6.10 each. - Aug. 8 Purchased 10,000 units for $5.50 each. - Aug. 14 Sold 8,000 units for $12.00 each. - Aug. 18 Purchased 6,000 units for $5.00 each. - Aug. 25 Sold 7,000 units for $11.00 each. - Aug. 31 Inventory on hand 3,000 units. Required: What is COGS for the month ended August 31st, assuming they use the FIFO inventory method?.

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Elvira Corporation uses a periodic inventory_system. The following transactions affected its merchandise inventory during the month of August year 1 : - Aug. 1 Inventory on hand-2,000 units; cost $6.10 each. - Aug. 8 Purchased 10,000 units for $5.50 each. - Aug. 14 Sold 8,000 units for $12.00 each. - Aug. 18 Purchased 6,000 units for $5.00 each. - Aug. 25 Sold 7,000 units for $11.00 each. - Aug. 31 Inventory on hand 3,000 units. Required: What is COGS for the month ended August 31st, assuming they use the FIFO inventory method?

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  • 1. Elvira Corporation uses a periodic inventory_system. The following transactions affected its merchandise inventory during the month of August year 1 : - Aug. 1 Inventory on hand-2,000 units; cost $6.10 each. - Aug. 8 Purchased 10,000 units for $5.50 each. - Aug. 14 Sold 8,000 units for $12.00 each. - Aug. 18 Purchased 6,000 units for $5.00 each. - Aug. 25 Sold 7,000 units for $11.00 each. - Aug. 31 Inventory on hand 3,000 units. Required: What is COGS for the month ended August 31st, assuming they use the FIFO inventory method?