Use the Following Information for Questions

question 10

Multiple Choice

Use the following information for questions.
A company just starting its business made the following four inventory purchases in June: On June 25, the company made its first sale when a local customer purchased 500 units for $3,500. The company uses a perpetual inventory system.
-Using the FIFO cost formula, the amount of the cost of goods sold for June is

• A) $645.
• B) $695.
• C) $1,650.
• D) $1,700.