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A retailer made the following inventory purchases in February. Purchased 250 units at $8 each on Feb. 1. Purchased 300 units at $9 each on
A retailer made the following inventory purchases in February. Purchased 250 units at $8 each on Feb. 1. Purchased 300 units at $9 each on Feb. 10. Purchased 100 units at $10 each on Feb. 28. On Feb 15, there were 350 units sold. The retailer used a perpetual inventory system. Using the FIFO cost formula, the cost of goods sold for the Feb. 15 sale was: Select one: a. $ 2,800. b. $ 2,900. c. $ 5,700. d. $3,100. e. $ 2,700.
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