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1. Inventory records for Dunbar Incorporated revealed the following:

DateTransactionNumber of UnitsUnit Cost
Apr. 1Beginning inventory500$2.40
Apr .20Purchase400$2.50
Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be:

a. $1,730
b. $1,700
c. $1,720
d. $1,710

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Answer:

The correct answer is B.

Explanation:

Giving the following information:

Apr. 1: Beginning inventory= 500 units at $2.40

Apr .20: Purchase= 400units at $2.50

Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO (first-in, first-out)

COGS= 500*2.4 + 200*2.5= $1,700

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