The Farley Corporation Starts the Year with a Beginning Inventory

question 165

Multiple Choice

The Farley Corporation starts the year with a beginning inventory of 3,000 units at $5 per unit.The company purchases 5,000 units at $4 each in February and 2,000 units at $6 each in March.Farley sells 1,500 units during this quarter.Farley has a perpetual inventory system and uses the FIFO inventory costing method.What is the cost of goods sold for the quarter?

• A) $6,000
• B) $9,340
• C) $7,500
• D) $9,000

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