A company bought and sold scarves Use this data to calculate the cost of goods sold expense using the FIFO method.

September 1	Beginning Inventory	1 units at $40 each
September 10	Purchase	1 units at $45 each
September 20	Purchase	1 units at $50 each
September 30	Ending Inventory	2 units

Selected Answer:	$50
	$50
	$45
	$95
	$40