Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Our Q&A platform provides quick and trustworthy answers to your questions from experienced professionals in different areas of expertise. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Pine Creek Company completed 200,000 units during the year at a cost of $3,000,000. The beginning finished goods inventory was 25,000 units at $310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow. $fill in the blank 1

Sagot :

anthougo

The cost of goods sold for 210,000 units using a FIFO cost flow for Pine Creek Company during the year is $3,085,000.

What is FIFO?

FIFO means First-in, First-out.

The FIFO cost flow method is an accounting technique to determine the cost of goods sold and ending inventory based on the assumption that goods produced first are the first to be sold.

The FIFO method is the opposite of the Last-in, First-out (LIFO) method.

Data and Calculations:

Number of units produced = 200,000 units

Cost of production = $3 million

Unit cost of production = $15 ($3,000,000/200,000)

Beginning finished goods inventory = 25,000 units

Cost of Beginning inventory = $310,000

Cost of goods sold = $3,085,000 ($310,000 + $15 x 185,000)

Thus, the cost of goods sold for 210,000 units using a FIFO cost flow for Pine Creek Company during the year is $3,085,000.

Learn more about the FIFO Cost Flow Method at https://brainly.com/question/19167666

#SPJ1

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.