Brinker, Inc. uses the perpetual inventory system. The following information is available for the month of July. Beginning inventory, July 1 is 1,000 units at $20 for $20,000, on July 9 Purchased 1,200 units at $23 for $27,600, on July 12 Sold 1,800 units, and on July 22 Purchased 800 units at $25 for $20,000. What is the Cost of Goods Sold amount using the FIFO inventory costing method at July 31?   A. $28,000 B. $39,600 C. $29,200 D. $38,400

Intermediate Accounting: Reporting And Analysis
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ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
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Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Brinker, Inc. uses the perpetual inventory system. The following information is available for the month of July. Beginning inventory, July 1 is 1,000 units at $20 for $20,000, on July 9 Purchased 1,200 units at $23 for $27,600, on July 12 Sold 1,800 units, and on July 22 Purchased 800 units at $25 for $20,000. What is the Cost of Goods Sold amount using the FIFO inventory costing method at July 31?

 
  • A. $28,000
  • B. $39,600
  • C. $29,200
  • D. $38,400
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