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What is amount transferred to the cost of goods sold account

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Question: During the months of November and December 2014, Comfy Home had the following transactions related to holiday wreaths:

- November 1, 2014 - purchased 40 wreaths for $15 each

- Between November 2 and November 29, 2014 - sold $1,000 worth of wreaths for a sales price of $50 each

- November 30, 2014 - purchased 85 wreaths for $20 each

- Between December 1, 2014 and December 31, 2014 - sold $5,000 worth of wreaths for a sales price of $50 eachIf Comfy Home uses the LIFO method for recording their inventory, what is the amount transferred to the cost of goods sold account during the month of December 2014?

Reference no: EM132718267

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