Square9 Corporation provided the following information about one of its laptop computers: Number of Cost per Date 1/1 Transaction Units Unit Beginning Inventory 280 $580 5/5 Purchase 380 $630 8/10 Purchase 480 $680 10/15 Purchase 290 $730 During the year, Square9 sold 1,200 laptop computers. What was cost of goods sold using the FIFO cost flow assumption? Multiple Choice О $796,500 $777,000 $806,500 $772,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Square9 Corporation provided the following information about one of its laptop computers:
Number of Cost per
Date
1/1
Transaction
Units
Unit
Beginning Inventory
280
$580
5/5
Purchase
380
$630
8/10 Purchase
480
$680
10/15
Purchase
290
$730
During the year, Square9 sold 1,200 laptop computers.
What was cost of goods sold using the FIFO cost flow assumption?
Multiple Choice
О
$796,500
$777,000
$806,500
$772,000
Transcribed Image Text:Square9 Corporation provided the following information about one of its laptop computers: Number of Cost per Date 1/1 Transaction Units Unit Beginning Inventory 280 $580 5/5 Purchase 380 $630 8/10 Purchase 480 $680 10/15 Purchase 290 $730 During the year, Square9 sold 1,200 laptop computers. What was cost of goods sold using the FIFO cost flow assumption? Multiple Choice О $796,500 $777,000 $806,500 $772,000
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