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On December 1, Sheridan Company has three DVD players left in stock. All are identical,...

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Accounting

On December 1, Sheridan Company has three DVD players left in stock. All are identical, all are priced to sell at $81. One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of $50. Another, with serial #1045, was purchased on November 1 for $46. The last player, serial #1056, was purchased on November 30 for $41.
(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, Sheridan Company' year-end.
Cost of goods sold $
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