Sample Midterm Exam 2 SOLUTIONS

Cogs using 22 12 7 13 905 ending inventory using 13 13

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COGS (using FIFO) = 55 @ 10 + 22 @ 12 + 7 @ 13 = $905 Ending Inventory (using FIFO) = 48 @ 15 + 13 @ 13 = $889 Note: Total goods available for sale = (550+264+260+720) = $1,794 Ending Inventory = Total goods available for sale COGS = 1,794 905 = $889
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