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What the cost of goods sold for each sale is

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During July, the following purchases and sales were made by PT Company. There was no beginning inventory. PT Company uses a perpetual inventory system.

                                     Purchases                  Sales

July 3                 40 units @ $14 July         13 @ 50 units

11                     40 units @ $15 22                  @ 20 units

20                            20 units @ $16

Problem 1: Under the FIFO method, the cost of goods sold for each sale is:

Option 1: $710 ; $300

Option 2: $700 ; $280

Option 3: $800 ; $320

Option 4: $710 ; $320

Reference no: EM132745831

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