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Our company had the following balances and transactions during the current year related to merchandise inventory....

Our company had the following balances and transactions during the current year related to merchandise inventory.

Beginning merchandise inventory on January 1

100 units at $75 per unit

Purchase on February 14

100 units at $80 per unit

Sale on August 21

150 units

What would be the company’s cost of goods sold in dollars on December 31 if the company used perpetual, first in, first out (FIFO) method?

$4,000

$3,750

$11,500

$11,750

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