Selected quarterly data for Canby Company were as follows for the fiscal year ended November 30, 2006: Canby purchased no merchandise during the year ended November 30, 2006. The first-in, first-out cost of its November 30, 2005, inventory of 50,000 units was $500,000.
If the market decline in the quarter ended August 31, 2006, was not considered to be temporary, Canby's cost of goods sold for that quarter is:

Question

Selected quarterly data for Canby Company were as follows for the fiscal year ended November 30, 2006:  Canby purchased no merchandise during the year ended November 30, 2006. The first-in, first-out cost of its November 30, 2005, inventory of 50,000 units was $500,000.
If the market decline in the quarter ended August 31, 2006, was not considered to be temporary, Canby's cost of goods sold for that quarter is:

Quizplus · Accepted Answer

Rationale: [(9,000 x $10) + (19,000 x $1) = $109,000]

Selected Quarterly Data for Canby Company Were as Follows for the Fiscal