what would the cost of goods sold on the income statement be

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Reference no: EM132703497

Assume the following data for Burnette Merchandising for 2019:

Beginning inventory 10 units at $7 each

March 18 purchase 15 units at $9 each

June 10 purchase 20 units at $10 each

October 30 purchase 12 units at $11 each

On December 31, a physical count reveals 15 units in ending inventory.

Problem 1: Assume a perpetual inventory system and all sales occurred prior to October 30th. Under the FIFO method, what would the cost of goods sold on the income statement be?

A. $162

B. $375

C. $420

D. $537

Reference no: EM132703497

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