January: 10 units at $120 6 units february: 20 units at $125 5 units may: 15 units at $130 9 units september: 12 units at $135 8 units november: 10 units at $140 13 units on december 31, there were 26 units remaining in ending inventory. using the periodic fifo inventory valuation method, what is the value of cost of goods sold? (assume all sales were made on the last day of the month.)

Cost of goods sold = $340.33

Explanation:

The first in first out (FIFO) method of valuing inventory dictates that the costs incurred in selling inventory are assigned in a chronological order to the cost of goods sold (COGS). The valuation of cost of goods in a periodic system assigns the cost to inventory at the end of the period after the inventory has been counted. The units of good sold comprise the beginning balance of inventory plus the purchases during the year less the closing inventory. Total units purchased throughout the year amount to 67 units (10 + 20 + 15 + 12 + 10). The closing inventory contained 26 units meaning 41 units were sold. The costs assigned to these units is done in a chronological manner:

January : 6 units @ $12/unit ($120/10) = $72

February: 4 units @ 12$/unit + 1 unit @$6.25/unit ($125/20) = $ 54.25

May: 9 units @ $6.25/unit = $56.25

September: 8 units @ $6.25/unit = $50

November: 2 units @ $6.25/unit + 11 units @ $8.666666667/unit ($130/15)

                   = $107.83

COGS        = $340.33 ($72 + 54.25 + $56.25 + $50 + $107.83)

Ending inventory = ($ 140 + $135 + (4 units * $8.666666667/unit ($130/15)))

                             = $ 309.67

Reconciliation:

$340.33 + $ 309.67 = $ 650 = ($ 120 + $125 + $130 +$135 + $140)

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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