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What is the amount transferred to cost of goods sold account

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

  1. November 1, 2014 - purchased 200 candles for $5 each
  2. Between November 2-30, 2014 - sold 120 candles for a sales price of $15 each
  3. December 1, 2014 - purchased 250 candles for $6 each
  4. Between December 2-31, 2014 - sold 300 candles for a sales price of $15 each

Problem 1: Comfy Home uses a perpetual inventory system. If Comfy Home uses the LIFO method for recording its inventory, what is the amount transferred to the cost of goods sold account during the month of December 2014?

Reference no: EM132815446

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