Testbank Multiple Choice Question 101

Sheffield Corp. has the following data related to an item of inventory:

Inventory, March 1		360 units	@ $1.90
Purchase, March 7		1350 units	@ $2.00
Purchase, March 16		340 units	@ $2.05
Inventory, March 31		580 units

The value assigned to cost of goods sold if Sheffield uses FIFO is

$2955.

$1124.

$1177.

$2904.