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Cost of Goods Sold using FIFO

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Scuba Styles began their business in June with 50 wetsuits that cost $45 each. During June the store made the following purchases.

Date Units Purchased Cost Per unit Total Cost
10-Jun 90 $46.00 $4,140.00
21-Jun 50 $48.00 $2,400.00
27-Jun 120 $47.50 $5,700.00

Total 260 $12,240.00

What is Scuba Styles cost of goods sold under FIFO, assuming the company sold 150 wetsuits during June?

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The solution explains how to calculate Cost of Goods Sold using FIFO.

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