Exercise 1 Sal's Sunglasses is a sunglass retailer located in Charleston, South Carolina. Sal opened the store in Septem

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Exercise 1 Sal S Sunglasses Is A Sunglass Retailer Located In Charleston South Carolina Sal Opened The Store In Septem 1 (71.18 KiB) Viewed 14 times

Exercise 1 Sal S Sunglasses Is A Sunglass Retailer Located In Charleston South Carolina Sal Opened The Store In Septem 2 (64.66 KiB) Viewed 14 times

Exercise 1 Sal's Sunglasses is a sunglass retailer located in Charleston, South Carolina. Sal opened the store in September of last year. Right now, it is just the one location but he may expand in the next couple of years depending on whether he can make good money or not. January has come along and Sal needs to calculate his cost of goods sold for the previous year, which he will do using the FIFO method. Here is what his inventory costs are: Month Amount September October November December 200 sunglasses 275 sunglasses 300 sunglasses 500 sunglasses Price Paid $200.00 per $210.00 per $225.00 per $275.00 per Sal sold 600 sunglasses during this time, out of his stock of 1275. Question: Going by the FIFO method, Calculate the COGS

Exercise 2 Brad runs a small bookstore in Boston's airport called Brad's Books. He has two partners but they do not oversee the day-to-day operations, they are merely investors. Brad does most of the work and has been in business for two months. Brad prides himself on always making sure his store carries the latest hardcover releases, because traditionally sales of them have been reported as very good. However, the book industry has been going through a hard time recently with an increase in customers switching to digital readers, meaning less demand. As such, his inventory costs have been steadily increasing. Here is what it's been costing Brad to build up his inventory: Month Amount Price Paid Nov 7 100 books $18.00 per Nov 21 100 books $18.00 per Nov 28 125 books $18.25 per Dec 4 150 books $18.50 per Dec 7 150 books $19.25 per Dec 15150 books $20.00 per On Dec 31, Brad looks through the store sales and realizes that Brad's Books has sold 450 books to- date. Brad would now like to run a report for his partners that shows the cost of goods sold. Using the LIFO method, what is the COGS Cost of Goods Sold Calculation?