Sample Company has the following data available: Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale Units Purchased Unit Cost Units Sold 400 $10 200 $13 350 300 $14 250 350 $18 400 If Sample Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is A. $10,000 B. $12,600 C. $12,350 D. $13,950

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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Sample Company has the following data available:
Transaction
Beginning Inventory
March 1 Purchase
April 25 Sale
June 10 Purchase
July 20 Sale
October 30 Purchase
December 15 Sale
Units Purchased
Unit Cost
Units Sold
400
$10
200
$13
350
300
$14
250
350
$18
400
If Sample Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is
A. $10,000
B. $12,600
C. $12,350
D. $13,950
Transcribed Image Text:Sample Company has the following data available: Transaction Beginning Inventory March 1 Purchase April 25 Sale June 10 Purchase July 20 Sale October 30 Purchase December 15 Sale Units Purchased Unit Cost Units Sold 400 $10 200 $13 350 300 $14 250 350 $18 400 If Sample Company uses a perpetual FIFO inventory system, the cost of goods sold for the year is A. $10,000 B. $12,600 C. $12,350 D. $13,950
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