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The Laurel Corporation starts the year with a beginning Inventory of 310 units at $6...

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Accounting

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The Laurel Corporation starts the year with a beginning Inventory of 310 units at $6 per unit. The company purchases 505 units at $5 each in February and 220 units at $7 each in October. Laurel sells 155 units during the year. Laurel has a periodic Inventory system and uses the FIFO Inventory costing method. What is the amount of cost of goods sold? Multiple Choice $775 $1,119 $930 $1,085

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