patrica is a business owner who is trying to determine her cost of goods sold for 2012. shoe bought 20 units of inventory at $11, then 26 units at $9 and finally 18 units at $14. she sold 30 units in 2012 and uses the fifo for her inventory valuation. what was her cost of goods sold in 2012, assuming that there was no inventory at the beginning of the year?

Question

patrica is a business owner who is trying to determine her cost of goods sold for 2012. shoe bought 20 units of inventory at $11, then 26 units at $9 and finally 18 units at $14. she sold 30 units in 2012 and uses the fifo for her inventory valuation. what was her cost of goods sold in 2012, assuming that there was no inventory at the beginning of the year? 
a.$706 
b.$310 
c.$360 
d $330 
e none of the above

Steve · Answer

If she sold 30 units, then that means she sold 18 @ $14 12 @ $9 total: $360

Steve · Answer

Oops - I did lifo. Using fifo, she sold 20 @ $11 10 @ $9 total: $310