Answer:
The correct answer is C.
Explanation:
Giving the following information:
July 1: Beginning inventory - 30 units at $19
July 7: Purchases - 105 units at $20
July 22: Purchases - 15 units at $22
A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand.
First, we need to determine the number of units sold:
Units sold= total units - ending inventory in units
Units sold= 150 - 48= 102 units
<u>Under the FIFO (first-in, first-out) method, the cost of goods sold is calculated using the price of the firsts units incorporated into inventory.</u>
COGS= 30*19 + 72*20= $2,010
