Periodic FIFO
Maine Corporation Sells Item a as Part of Its

question 74

Essay

Periodic FIFO
Maine Corporation sells item A as part of its product line, using the periodic system. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020:
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Quantities}$

$\begin{array} { l r r r c }&&&&\text { Unit Price}\\ \text { Date } & \text { Purchased } & \text { Sold } & \text { Balance } & \text { of Purchase } \\ \text { January 11 } & - & - & 300 & \$ 5.00 \\ \text { January 24 } & 1,300 & - & 1,600 & 5.20 \\ \text { February 8 } & - & 300 & 1,300 & - \\ \text { March 16 } & - & 560 & 740 & - \\ \text { June 11 } & 600 & - & 1,340 & 5.60 \end{array}$
Instructions
Calculate the cost of goods sold for the first six months of 2020 using the FIFO cost formula.

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