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Inventory Records for Dunbar Incorporated Revealed the Following Dunbar Sold 700 Units of Inventory During the Month

Question 2

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Inventory records for Dunbar Incorporated revealed the following:

 Date  Transaction  Number  of Units  Unit  Cost  Apr. 1  Beginning inventory 500$2.40 Apr. 20  Purchase 4002.50\begin{array} { l l c r } { \text { Date } } & { \text { Transaction } } & \begin{array} { c } \text { Number } \\\text { of Units }\end{array} & \begin{array} { r } \text { Unit } \\\text { Cost }\end{array} \\\text { Apr. 1 } & \text { Beginning inventory } & 500 & \$ 2.40 \\\text { Apr. 20 } & \text { Purchase } & 400 & 2.50\end{array} Dunbar sold 700 units of inventory during the month.Cost of goods sold assuming LIFO would be:


A) $1,730.
B) $1,700.
C) $1,720.
D) $1,710.

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