The beginning inventory for Collins Company consists of 600 units valued at $20 each. Three...
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Accounting
The beginning inventory for Collins Company consists of 600 units valued at $20 each. Three purchases of 200 units each were made during the year at $21, $22, and $24 per unit, respectively. A physical count reveals 500 units on hand at December 31, which is the end of the accounting period. Assuming that FIFO is used, what is the cost of goods sold for the period?
| A. |
$15,400
| |
| B. | $14,817 | |
| C. | $14,100 | |
| D. | $10,583 |
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