Answer:
A) Cost of goods sold= $27750
B) Cost of goods sold= $26850
Explanation:
Giving the following information:
Beginning inventory: 925 units; $9 each
Production: 1650 units; $13 each
A) The firm sold 2,350 units in February, what was the cost of goods sold? (LIFO)
1650 units at $13= $21450
700 unit at $9= $6300
Cost of goods sold= $27750
B) The firm sold 2,350 units in February, what was the cost of goods sold? (FIFO)
925 units at $9= $8325
1425 units at $13= $18525
COGS= $26850