Periodic inventory system concept


Axis Corporation's inventory transactions for the current month:

June 1 Balance, 300 units @ $65 each June 16 Sale, 400 units @ $90
June 14 Purchase 800 units @ $68 each June 20 Sale, 500 units @ $90

June 25 Purchase 250 units @ $70

Axis uses the periodic inventory system. Using the FIFO method, what is the amount of cost of goods sold for the month?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Periodic inventory system concept
Reference No:- TGS048127

Expected delivery within 24 Hours