A company purchased 100 units for $30 each on January 31.It purchased 95 units for $40 each on February 28.It sold 150 units for $55 each from March 1 through December 31.If the company uses the last-in,first-out inventory costing method,what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system. )

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A) 11ea8a42_4f32_90ee_8b44_018086d99001_TB5024_00 Number of units sold = 150 units of which 95 units were purchased on Feb.28 at $40 per unit and 55 units were purchased on Jan.31 at $30 per unit. 11ea8a42_4f32_90ef_8b44_cdcf77256efb_TB5024_00

A Company Purchased 100 Units for $30 Each on January