FIFO inventory assumptions:

Beginning inventory of 10 units @ $5 = $50

Purchases month #1 of 10 units @ $10 = $100

Purchases month #2 of 10 units @ $15 = $150

Cost of goods available for sale (subtotal) = $300

Less ending inventory of 10 units

Equals cost of goods sold (also known as cost of sales)

Under the FIFO inventory method, what is the cost of goods sold or cost of sales?