Asked by Andrea
At the end of January, Mineral Labs had inventory of 725 units, which cost $10 per unit to produce. During February the company produced 650 units at a cost of $14 per unit. If the firm sold 1,000 units in February, what was the cost of goods sold?
a. Assume LIFO inventory accounting.
b. Assume FIFO inventory accounting.
a. Assume LIFO inventory accounting.
b. Assume FIFO inventory accounting.