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What is the cost of goods sold on a fifo basis

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Reference no: EM131690814

Question - Trumpeting Trumpets has the following inventory data:

July   1 Beginning inventory 50 units at $1205

Purchases 300 units at $11214

Sale 200 units21

Purchases 150 units at $11530

Sale 140 units

Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?

a) $38480

b) $38530

c) $18320

d) $18370

Reference no: EM131690814

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