The Acme Corporation Starts the Year with a Beginning Inventory

question 69

Multiple Choice

The Acme Corporation starts the year with a beginning inventory of 300 units at $5 per unit.The company purchases 500 units at $4 each in February and 200 units at $6 each in October.Acme sells 150 units during the year.Acme has a periodic inventory system and uses the FIFO inventory costing method.What is the amount of cost of goods sold?

• A) $600
• B) $934
• C) $750
• D) $900

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