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Diligent Ltd Had 5 Units of the Commodity Algo on Hand

Question 27

Multiple Choice

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:
Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September: What was the value of cost of goods sold of Algo, using the FIFO assumption? A) $2640 B) $2700 C) $2720 D) $2400
What was the value of cost of goods sold of Algo, using the FIFO assumption?


A) $2640
B) $2700
C) $2720
D) $2400

Correct Answer:

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