The Laurel Corporation Starts the Year with a Beginning Inventory

Multiple Choice

The Laurel Corporation starts the year with a beginning inventory of 600 units at $5 per unit.The company purchases 1,000 units at $4 each in February and 400 units at $6 each in October.Laurel sells 300 units during the year.Laurel has a periodic inventory system and uses the FIFO inventory costing method.What is the amount of cost of goods sold?

A) $1,200
B) $1,868
C) $1,500
D) $1,800