The Quiet Gravestone Company has only one product: a large, 3-foot gravestone. Data for inventory during February of the current year are provided below. Assume the company uses a perpetual inventory system and the FIFO cost flow method

Date Number of Units Unit Cost Total Cost
Feb 01 Beginning inventory 5 $40.00 $200
Feb 04 Purchase 10 $42.00 $420
Feb 10 Purchase 12 $44.00 $528
Feb 18 Purchase 8 $45.00 $360
Feb 25 Purchase 14 $46.00 $644

Sales for the month were:
February 7: seven sold at $1,000
February 15: five sold at $1,050
February 20: ten sold at $1,100
Required:
1. What is the cost of goods sold for the February 7 sale?
2. What is the cost of goods sold for the February 15 sale?
3. What is the cost of goods sold for the February 20 sale?
4. If the company used a periodic inventory system and the FIFO cost flow method, what would cost of goods sold be for the month?

1. COGS: $284 = (5 x $40) + (2 x $42
2. COGS: $210 = 5 x $42
3. COGS: $434 = (3 x $42) + (7 x $44
4. COGS: $928 = (5 x $40) + (10 x $42) + (7 x $44