Use this inventory information for the month of March to answer the following question.
-Assuming that a periodic inventory system is used,what is cost of goods sold on a FIFO basis?
A)$2,160
B)$3,780
C)$3,861
D)$5,940

Question

Use this inventory information for the month of March to answer the following question.  
-Assuming that a periodic inventory system is used,what is cost of goods sold on a FIFO basis?
A)$2,160 
B)$3,780 
C)$3,861 
D)$5,940

Quizplus · Accepted Answer

Under the FIFO (First-In, First-Out) method, the oldest inventory costs are used up first when calculating the cost of goods sold. The correct answer is $3,780, assuming the problem provides the necessary inventory and sales data to support this calculation.

Use This Inventory Information for the Month of March to Answer