A company had the following purchases and sales during its first year of operations: ...
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Accounting
A company had the following purchases and sales during its first year of operations:
| Purchases | Sales | |
| January: | 10 units at $120 | 6 units |
| February: | 20 units at $125 | 5 units |
| May: | 15 units at $130 | 9 units |
| September: | 12 units at $135 | 8 units |
| November: | 10 units at $140 | 13 units |
On December 31, there were 26 units remaining in ending inventory. Using the periodic FIFO inventory costing method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
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