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THE Company employs a periodic inventory system and sells its inventory to customers for $10 per unit. THE Company had the following inventory information available for the month of May:
May 1 Beginning inventory 230 units @ $3.90 cost per unitMay 6 Purchased 400 units @ $5.80 cost per unitMay 8 Purchased 280 units @ $3.30 cost per unitMay 14 Sold 410 unitsMay 19 Purchased 350 units @ $4.90 cost per unitMay 23 Sold 270 unitsMay 27 Sold 120 unitsMay 29 Purchased 240 units @ $4.10 cost per unit
Question 1: The amount of cost of goods sold reported on THE Company's income statement for May using the FIFO method was equal to:
Group of answer choices
Option 1: $3,778
Option 2: $4,730
Option 3: $4,222
Option 4: $3,648
Option 5: $3,392
Option 6: $4,608
Option 7: $3,192
Option 8: $3,062
Option 9: $4,352
Option 10: $3,448
Option 11: none of the above choices are correct
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