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Vital Company had the following inventory transactions during the month of December. Date Transaction # Units Cost/Unit 12/1 Beginning Inventory 17 $35 12/15 Purchase Inventory
Vital Company had the following inventory transactions during the month of December.
Date Transaction # Units Cost/Unit
12/1 Beginning Inventory 17 $35
12/15 Purchase Inventory 28 $36
12/24 Sale at $64 per unit 22 ?
Assuming that Vital Company uses a FIFO inventory costing system, what is cost of goods sold for the December 24th sale?
Multiple Choice
$775
$828
$811
$792
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