Moss Co Uses the FIFO Method to Calculate Ending Inventory

question 103

Multiple Choice

Moss Co. uses the FIFO method to calculate ending inventory. Assuming 300 units are not sold, the cost of goods sold is: $$\begin{array} { | l | l | l | } \hline \text { January 1 Inventory } & 200 \text { units at } \$ 9 & \$ 1,800 \\\hline \text { Feb 15 Purchase } & 300 \text { units at } \$ 10 & \$ 3,000 \\\hline \text { Aug 20 Purchase } & 400 \text { units at } \$ 11 & \$ 4,400 \\\hline \text { Dec 20 Purchase } & 100 \text { units at } \$ 12 & \$ 1,200 \\\hline\end{array}$$

• A)$7,600
• B)$7,280
• C)$3,120
• D)$3,400
• E)None of these

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