The beginning inventory consists of 4 items at $10 each. during the month, the company purchased 3 items for $11 each and it sold 3 items. using first-in, first-out, the 3 goods sold are assumed to be $30 that is option E
First in, first out (FIFO) is an acronym used in computer science and systems theory to describe a way of managing the modification of a data structure, frequently a data buffer, where the oldest (first) entry, or "head" of the queue, is processed first.
This sort of processing is comparable to serving customers in a line in the order they arrive at the back of the line, or on a first-come, first-served (FCFS) basis.
Given Data:
Beginning Inventory = 4 times at $10 each
3 new items were purchased for $11 each
Sold = 3 items (FIFO)
3 of the units sold under FIFO are from the initial stock.
Price of products sold = 3 x $10 = $30.
Therefore, the price of the products sold is $30. (Option E)
To know more about the FIFO method, refer to this link:
https://brainly.com/question/24137318
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COMPLETE QUESTION:
beginning inventory consists of 4 items at $10 each. during the month, the company purchased 3 items for $11 each and sold 3 items. using first-in, first-out, the 3 goods sold are assumed to be:
A) $31 (rounded to the nearest dollar)
B) An indeterminable amount given the specific items sold was not identified.
C) $33
D) $31.50
E) $30
