What is the amount of cost of goods sold for the year according to the FIFO method?
A) $1,380
B) $1,375
C) $1,510
D) $1,250

Name: What is the amount of cost of goods sold for the year according to the FIFO method? A) $1,380 B) $1,375 C) $1,510 D) $1,250
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Question

Quizplus · Accepted Answer

Cost of goods sold for the year using FIFO = 5 units at $61 from the beginning inventory + 15 units at $63 from the first purchase = $305 + $945 = $1,250

What Is the Amount of Cost of Goods Sold for the Year