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Enrich Garden Corp. started its business in 2020 and uses the FIFO cost method. During 2020, it purchased 50,000 units of inventory at 12 each
Enrich Garden Corp. started its business in 2020 and uses the FIFO cost method. During 2020, it purchased 50,000 units of inventory at 12 each and sold 35,000 units for 18 each. In 2021, it purchased another 45,000 units at 13 each and sold 47,000 units for 22 each. Assuming using a periodic inventory system, its 2021 cost of sales( thousands) was closest to:
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