Question
A company's inventory records for the month are provided below. March 1, beginning inventory 14 units at $9 each March 4, purchase 15 units at
A company's inventory records for the month are provided below.
| March 1, beginning inventory | 14 units at $9 each |
| March 4, purchase | 15 units at $12 each |
| March 9, purchase | 20 units at $11 each |
On March 25, the company sold 29 units for $15 each. According to the FIFO inventory costing method, what was the cost of goods sold?
| $328.00 | ||
| $198.00 | ||
| $306.00 | ||
| $220.00 |
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th edition
978-1118344262, 111834426X, 1118162285, 978-1118562208, 1118562208, 978-1118162286
