Question - Paul's Paint acquired the following five cans of paint:
|
Date
|
Dec. 2
|
Dec. 10
|
Dec. 12
|
Dec. 16
|
Dec. 25
|
|
Cost
|
$11.00
|
$12.00
|
$13.00
|
$14.00
|
$15.00
|
A December 31 inventory count revealed that three cans remained on the shelf. The company uses FIFO for valuing inventory and cost of goods sold.
Required: Complete the table and answer the questions below.
|
Date
|
Dec. 2
|
Dec. 10
|
Dec. 12
|
Dec. 16
|
Dec. 25
|
Total
|
|
COGS
|
|
|
|
|
|
|
|
Inventory
|
|
|
|
|
|
|
What was the value of inventory on December 31?
What was the total cost of goods sold for December?