purchases Quantity price Qty xprice

purchase 1 100 $ 10 1000

Purchase 2 200 $ 11 2,200

Purchase 3 100 $ 12 1,200

Purchase 4 300 $ 14 4,200

TOTAL 700 8600

sales 1 quantity 150

Please provide a step by step solution

Using the information shown above, what is the Cost of Goods Sold using the FIFO method? Assume that the inventory balance before the first purchase was zero.

Select one:

a.$1,550

b.$1,564

c.$1,450

d.$1,750