Nordic Industries uses a periodic inventory system.During its first month of operations,Nordic Industries purchased inventory as follows: 
There were 100 units in ending inventory on January 31.
Under the FIFO cost method,what is the cost of goods sold for January?
Definitions:
Market Rule
A guideline or principle applied to assess the acceptability, pricing, or regulation of goods and services in a market.
Lower Of Cost
An accounting principle requiring that inventory is recorded at the lower of its historical cost or current market value.
Market Value
The prevailing market rate at which a commodity or service is traded.
Retail Inventory Method
An accounting technique used to estimate inventory value by converting retail prices to cost prices.
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