Vargas Company uses the perpetual inventory system and the F…
Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 1,900 units of inventory that cost $20 each. At a later date during the year, the company purchased an additional 2,300 units of inventory that cost $21 each. Vargas sold 2,000 units of inventory for $24. What is the amount of cost of goods sold that will appear on the current year’s income statement?