A Company Purchased 100 Units for $20 Each on January

question 81

Multiple Choice

A company purchased 100 units for $20 each on January 31. It purchased 100 units for $30 on February 28. It sold 150 units for $45 each from March 1 through December If the company uses the last-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)$4,000
• B)$3,000
• C)$2,000
• D)$5,000