A company purchased 130 units for $30 each on January 31. It purchased 150 units for $35 each on February 28. It sold 150 units for $80 each from March 1 through December 31. If the company uses the first-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)
A) $3,900
B) $5,250
C) $4,600
D) $9,150
C) $4,600
Explanation:
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