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The Farley Corporation starts the year with a beginning inventory of 3,800 units at $6 per unit. The company purchases 5,800 units at $5 each
The Farley Corporation starts the year with a beginning inventory of 3,800 units at $6 per unit. The company purchases 5,800 units at $5 each in February and 2,800 units at $7 each in March. Farley sells 1,350 units during this quarter. Farley has a perpetual inventory system and uses the FIFO inventory costing method. What is the cost of goods sold for the quarter?
$6,750
$9,450
$8,100
$8,775
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