The following information was taken from the inventory records of Helena Ltd.:

What would be the cost of goods sold,assuming that the FIFO method is used in a periodic inventory system?
A)$920
B)$930
C)$940
D)$950

Name: The following information was taken from the inventory records of Helena Ltd.: What would be the cost of goods sold,assuming that the FIFO method is used in a periodic inventory system? A)$920 B)$930 C)$940 D)$950
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Question

The following information was taken from the inventory records of Helena Ltd.:

What would be the cost of goods sold,assuming that the FIFO method is used in a periodic inventory system?
A)$920 
B)$930 
C)$940 
D)$950

Quizplus · Accepted Answer

A)(100 × 3.00)+ (200 × 3.10)= $920

The Following Information Was Taken from the Inventory Records of Helena