Biscuit Bakery Had the Following Activity in Its Inventory Account

question 15

Multiple Choice

Biscuit Bakery had the following activity in its inventory account during August 20X3. $\begin{array}{lllcc}\text { Date } & \text { Activity } & \text { Units } & \begin{array}{c}\text { Cost per } \\\text { Unit Cost }\end{array} & \text { Total } \\\hline \text { August 1 } & \text { Beginning inventory } & 100 & \$ 3.00 & \$ 300 \\\text { August 3 } & \text { Purchase } & 40 & 3.10 & 124 \\\text { August 7 } & \text { Sale } & 50 & & \\\text { August 12 } & \text { Purchase } & 50 & 3.20 & 160 \\\text { August 16 } & \text { Sale } & 70 & & \\\text { August 23 } & \text { Sale } & 40 & & \\\text { August 30 } & \text { Purchase } & 60 & 3.30 & 198\end{array}$ What is the cost of goods sold for the month ended August 31,20X3,for Biscuit Bakery if the company uses periodic FIFO as its inventory valuation method?

• A)$424.00
• B)$485.00
• C)$488.00
• D)$500.00
• E)$584.00

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