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On December 1, Discount Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $67.
On December 1, Discount Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $67. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $42. Another, with serial #1045, was purchased on November 1 for $36. The last player, serial #1056, was purchased on November 30 for $35. (a) Calculate the cost of goods sold using the FIFO periodic inventory method assuming that two of the three players were sold by the end of December, Discount Electronics' year-end.
