Patricia Is a Business Owner Who Is Trying to Determine

question 72

Multiple Choice

Patricia is a business owner who is trying to determine her cost of goods sold for 2014. She bought 20 units of inventory at $11, then 26 units at $10, and finally 18 units at $14. She sold 30 units at an average price of $16 per unit in 2014 and uses FIFO for her inventory valuation. What was her cost of goods sold in 2014, assuming that there was no inventory at the beginning of the year? ​

• A)$320
• B)$330
• C)$480
• D)$732
• E)None of the above

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