The following selected financial information relates to Donovan Company's beginning inventory, inventory purchases, and sale of inventory for Year 1

What is the cost of goods sold using the FIFO cost flow method? (LO 1)

a) $1,985

b) $2,000

c) $2,010

d) $2,250

\begin{tabular}{|l|l|l|l|r|} \hline & & Units & Per Unit & Extended \\ \hline 01/01/ Year 1 & Beginning Inventory & 15 & @$48 & $720 \\ \hline 05/31/ Year 1 & First Purchase & 20 & @$50 & $1,000 \\ \hline 09/26/ Year 1 & Second Purchase Total Available for Sale & 45 & @$53 & $530 \\ \hline 10 & & & $2,250 \\ \hline 1/04/ Year & Sales & 40 & @$85 & $3,400 \\ \hline \end{tabular}