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What is the amount transferred to the cost of goods sold

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

November 1, 2014 - purchased 200 candles for $5 each

Between November 2-30, 2014 - sold 120 candles for a sales price of $15 each

December 1, 2014 - purchased 250 candles for $6 each

Between December 2-31, 2014 - sold 300 candles for a sales price of $15 each

Comfy Home uses a perpetual inventory system. If Comfy Home uses the FIFO 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: EM132892483

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