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During the months of November and December 2014, Comfy Home had the following transactions related to holiday candles: November 1, 2014 purchased 200 candles for
During the months of November and December 2014, Comfy Home had the following transactions related to holiday candles:
- November 1, 2014 purchased 200 candles for $5 each
- Between November 2-30, 2014 sold 120 candles for a sales price of $15 each
- December 1, 2014 purchased 250 candles for $6 each
- Between December 2-31, 2014 sold 300 candles for a sales price of $15 each
Comfy Home uses a perpetual inventory system. If Comfy Home uses the FIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account during the month of December 2014?
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