Patricia is a business owner who is trying to determine her cost of goods sold for 2015. She bought 20 units of inventory at $11, then 26 units at $10, and finally 18 units at $14. She sold 30 units at an average price of $16 per unit in 2015 and uses FIFO for her inventory valuation. What was her cost of goods sold in 2015, assuming that there was no inventory at the beginning of the year?

Question

Patricia is a business owner who is trying to determine her cost of goods sold for 2015. She bought 20 units of inventory at $11, then 26 units at $10, and finally 18 units at $14. She sold 30 units at an average price of $16 per unit in 2015 and uses FIFO for her inventory valuation. What was her cost of goods sold in 2015, assuming that there was no inventory at the beginning of the year? ​

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Patricia Is a Business Owner Who Is Trying to Determine