Assume ShoeFanatic.com began July with 12 units of inventory that cost a total of $192. During July, ShoeFanatic.com purchased and sold goods as follows: Jul. 8 Purchase 36 units @ $17 30 units @ $34 22 Purchase 24 units @ $19 36 units @ $34 14 Sale 27 Sale Under the FIFO inventory costing method and the perpetual inventory system, how much is ShoeFanatic.com's cost of goods sold for the sale on July 14? O A. $804 В. $1,020 O C. $498 D. $510

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Assume ShoeFanatic.com began July with 12 units of inventory that cost a total of $192. During July, ShoeFanatic.com purchased and sold goods as follows:
Jul. 8
Purchase 36 units @ $17
30 units @ $34
22 Purchase 24 units @ $19
36 units @ $34
14
Sale
27
Sale
Under the FIFO inventory costing method and the perpetual inventory system, how much is ShoeFanatic.com's cost of goods sold for the sale on July 14?
O A. $804
В. $1,020
O C. $498
D. $510
Transcribed Image Text:Assume ShoeFanatic.com began July with 12 units of inventory that cost a total of $192. During July, ShoeFanatic.com purchased and sold goods as follows: Jul. 8 Purchase 36 units @ $17 30 units @ $34 22 Purchase 24 units @ $19 36 units @ $34 14 Sale 27 Sale Under the FIFO inventory costing method and the perpetual inventory system, how much is ShoeFanatic.com's cost of goods sold for the sale on July 14? O A. $804 В. $1,020 O C. $498 D. $510
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