Multiple Choice
Sales during the year were 500 units.Beginning inventory was 250 units at a cost of $5 per unit.Purchase 1 was 400 units at $6 per unit.Purchase 2 was 200 units at $7 per unit. Cost of goods sold under the FIFO cost flow assumption (using a periodic inventory system) was:
A) $2,300.
B) $2,750.
C) $3,200.
D) $3,650.
Correct Answer:
Verified
Correct Answer:
Verified
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