Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14.     Units   Cost/Unit   Total Cost   Inventory, Jan. 1 1,500   $0.25   $375 Purchases, Jan. 13 1,100   0.27   297   2,600       $672   Using the FIFO method, calculate Carla's cost of goods sold for January and its January 31 inventory. Cost of goods sold     Ending inventory

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Q: Cost of goods Sold

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A: FIFO - It is a method of inventory valuation in which goods received first are sent out first for…

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A: FIFO is the method of valuation of inventory, where it is assumed that the product first purchased…

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Q: Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.