The inventory records for Radford Co. reflected the following Determine the amount of gross margin assuming the FIFO cost flow method.
A) $2,920
B) $3,420
C) $3,000
D) $4,020

Name: The inventory records for Radford Co. reflected the following Determine the amount of gross margin assuming the FIFO cost flow method. A) $2,920 B) $3,420 C) $3,000 D) $4,020
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Question

The inventory records for Radford Co. reflected the following  Determine the amount of gross margin assuming the FIFO cost flow method.
A) $2,920 
B) $3,420 
C) $3,000 
D) $4,020

Quizplus · Accepted Answer

(100 × $4.00) + (300 × $4.40) + (500 × $4.60) = $4,020 cost of goods sold; $7,020 sales - $4,020 cost of goods sold = $3,000

The Inventory Records for Radford Co