ABC is a reseller of goods. The following transactions took…
ABC is a reseller of goods. The following transactions took place during March for ABC as it pertains to inventory: March 1 Inventory Balance of 200 units purchased at $20/Unit March 7 Purchased 200 units at $22/Unit March 10 Sold 300 units at a price of $40/Unit March 15 Purchased 100 units at $23/Unit March 21 Sold 150 units at a price of $40/Unit March 25 Purchased 100 units at $24/Unit What is the COGS for the month of March assuming the company is using the Perpetual – FIFO methodology for inventory valuation?