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Lemon company purchased 100 units for $40 each on January 31. It purchased 200 units for $30 each on February 28. It sold 200
Lemon company purchased 100 units for $40 each on January 31. It purchased 200 units for $30 each on February 28. It sold 200 units for $60 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.) O $4000 O $6000 O $10,000 O $7000
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