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Sophia's Sugar Spot sells bags of candy. The following chart includes the purchases and sales for the company in March. Assuming Sophia's Sugar Spot uses
Sophia's Sugar Spot sells bags of candy. The following chart includes the purchases and sales for the company in March.
Assuming Sophia's Sugar Spot uses the FIFO method, what is the company's cost of goods sold amount for March?
Date | Activity |
March 1 | Beginning inventory of 8 bags at $10 a bag |
March 2 | Purchased 10 bags at $9 a bag for a total of $90 |
March 18 | Purchased 14 bags at $9.50 a bag for a total of $133 |
March 20 | Purchased 8 bags at $8 a bag for a total of $64 |
March 23 | Sold 20 bags at $11 a bag |
March 30 | Sold 8 bags at $12 a bag |
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