Vargas Company uses the perpetual inventory method. Vargas purchased 1,400 units of inventory that cost...
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Vargas Company uses the perpetual inventory method. Vargas purchased 1,400 units of inventory that cost $15.00 each. At a later date the company purchased an additional 1,800 units of inventory that cost $16.00 each. Vargas sold 1,500 units of inventory for $19.00. If Vargas uses a FIFO cost flow method, the amount of cost of goods sold appearing on the income statement will be:
Multiple Choice
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$22,600.
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$5,900.
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$21,000.
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$4,500.
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