A Company Purchased 100 Units for $30 Each on January

question 15

Multiple Choice

A company purchased 100 units for $30 each on January 31. It purchased 150 units for $25 on February 28. It sold 150 units for $50 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)

• A)$3,000
• B)$4,000
• C)$4,250
• D)$6,750

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