A company purchased 100 units for $20 each on January 31.It purchased 100 units for $30 on February 28.It sold 150 units for $45 each from March 1 through December 31.If the company uses the First-In,First-Out inventory costing method,what is the amount of Cost of goods sold on the December 31 income statement?

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Quizplus · Accepted Answer

C) Calculations: $2,000 + $1,500 = $3,500

A Company Purchased 100 Units for $20 Each on January