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On December 1, Discount Electronics Limited has three DVD players left in stock. All are similar; all are priced to sell at $155. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $117. Another, with serial #1045, was purchased on November 1 for $91. The last player, serial #1056, was purchased on November 30 for $89.

Compute the cost of goods sold by using the FIFO periodic inventory method supposing that two of the three players were sold by the end of December, Discount Electronics' year-end.

The cost of goods sold $_____

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M918614

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