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Cost of Goods Sold for Wolfson Corporation

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On December 31st of last year, Wolfson Corporation had in inventory 400 units of its product, which cost $21 per unit to produce. During January, the company produced 800 units at a cost of $24 per unit. Assuming Wolfson Corporation sold 700 units in January, what was the cost of goods sold for the units sold in January (assume FIFO inventory accounting)?

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Solution provided by:
Gaurav Agarwal, MS
Education
  • BE, Bangalore University, India
  • MS, University of Wisconsin-Madison
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