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Axis Corporation's inventory transactions for the current month:

June 1 Balance, 300 units @ $65 each June 16 Sale, 400 units @ $90
June 14 Purchase 800 units @ $68 each June 20 Sale, 500 units @ $90

June 25 Purchase 250 units @ $70

Axis uses the periodic inventory system. Using the FIFO method, what is the amount of cost of goods sold for the month?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948127

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