On December 31 of last year, Wolfson Corporation had an inventory of 450 units of its product,

Question:

On December 31 of last year, Wolfson had an inventory of 450 units of its product, which cost $22 per unit to produce. During January, the company produced 850 units at a cost of $25 per unit. Assuming that Wolfson sold 800 units in January, what was the cost of goods sold? (Assume FIFO inventory accounting.)

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...