A Company Purchased 80 Units for $20 Each on January

question 162

Multiple Choice

A company purchased 80 units for $20 each on January 31.It purchased 190 units for $25 each on February 28.It sold 190 units for $80 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)$1,600
• B)$4,750
• C)$4,350
• D)$6,350

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