During July, the Following Purchases and Sales Were Made by Big

question 96

Short Answer

During July, the following purchases and sales were made by Big Dan Company. There was no beginning inventory. Big Dan Company uses a perpetual inventory system. $\begin{array}{rrrr}&\text { Purchases }&&\text { Sales }\\\text { July }3 & 40 \text { units @ } \$ 12 & \text { July } 13 & 50 \text { units } \\11 & 40 \text { units @ } \$ 13 & 22 & 20 \text { units } \\20 & 20 \text { units @ } \$ 15 & &\end{array}$ Under the FIFO method, the cost of goods sold for each sale is: $\quad$ July 13 $\quad$$\quad$ July 22
a. $\$ 600 \quad\quad\quad \$ 240$
b. $610 \quad\quad\quad\quad 260$
c. $650 \quad\quad\quad\quad 260$
d. $750 \quad\quad\quad\quad 300$

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