Question - Trumpeting Trumpets has the following inventory data:
July 1 Beginning inventory 50 units at $1205
Purchases 300 units at $11214
Sale 200 units21
Purchases 150 units at $11530
Sale 140 units
Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?
a) $38480
b) $38530
c) $18320
d) $18370