The Laurel Corporation starts the year with a beginning inventory of 600 units at $5 per unit. The company purchases 1,000 units at $4 each in February and 400 units at $6 each in October. Laurel sells 300 units during the year. Laurel has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold?

Cost of goods sold = 1,500

Explanation:

Given,

The company uses a periodic inventory system and uses the FIFO inventory costing method.

The Cost of goods sold means the number of items sold at the purchasing price.

Cost of goods sold = Sales volume × purchase price of the first units sold (FIFO method)

Or, Cost of goods sold = 300 units × $5

Cost of goods sold = 1,500 (As beginning units ware sold in FIFO method).

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