BetterBuy records $3,000 as the cost of goods sold. BetterBuy is using the:

Name: BetterBuy records $3,000 as the cost of goods sold. BetterBuy is using the:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The fact that the cost of goods sold equals the cost of the first-in, first-out (FIFO) inventory indicates that BetterBuy is using the FIFO method. Since the cost of goods sold is based on the oldest inventory (i.e. first-in), it makes sense that the cost of the goods sold would equal the cost of the oldest inventory (i.e. the FIFO inventory).

BetterBuy Records $3,000 as the Cost of Goods Sold