Question

During the year, Zhang Zhang Inc. inventory purchases were as follow: Quarter Unit Purchased Cost per...

During the year, Zhang Zhang Inc. inventory purchases were as follow: Quarter Unit Purchased Cost per Unit Total 1 200 $ 2.30 $ 460 2 300 2.5 750 3 100 2.9 290 4 100 3.1 310 700 $ 1,810 Beginning inventory was 300 units at $2 per unit = $600 Sales for the year were 800 units What is the COGS for the year under FIFO? [For practice purpose, try to calculate COGS under LIFO and ending inventory under both LIFO and FIFO]

A) $400

B) $600

C) $2,010

D) $1,810

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