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Vargas Company uses the perpetual inventory method. Vargas purchased 900 units of inventory that cost $10.00 each. At a later date the company purchased an
Vargas Company uses the perpetual inventory method. Vargas purchased 900 units of inventory that cost $10.00 each. At a later date the company purchased an additional 1.300 units of inventory that cost $11.00 each. Vargas sold 1,000 units of inventory for $14.00. If Vargas uses a FIFO cost flow method, the amount of cost of goods sold appearing on the income statement will be:
A) $10,100
B) $3,900
C) $9,000
D) $3,000
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