The following data applies to a particular item of merchandise:
On hand at start of period300
$5.10
1st purchase500
5.20
2nd purchase700
5.30
3rd purchase 600
5.50
Number of units available for sale2,100
On hand at end of period 500
Number of units sold during period1,600
?
Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the last-in, first-out costing method, the cost of goods sold would be
A. $8,390.
B. $8,410.
C. $2,530.
D. $8,570.
Answer: D
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