On december 1, flint electronics has three dvd players left in stock. all are identical, all are priced to sell at $77. one of the three dvd players left in stock, with serial #1012, was purchased on june 1 at a cost of $47. another, with serial #1045, was purchased on november 1 for $43. the last player, serial #1056, was purchased on november 30 for $36.
calculate the cost of goods sold using the fifo periodic inventory method, assuming that two of the three players were sold by the end of december, flint electronics' year-end.
the cost of goods sold using the fifo

$90

Explanation: closing stock as at November ending is 3, consisting of:

1 DVD bought on 1st June @ $47

1 DVD bought on 1st Nov @ $43

1 DVD bought on 30th Nov @ $36

using FIFO (First in first Out) inventory method, 2 of the DVD was sold as at the end of December.

Cost of goods sold in the month of December is $47 +$43 = $90

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

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