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  3. during july, the following purchases and sales wer

During July, the following purchases and sales were made by James Company. There was no...

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Accounting

During July, the following purchases and sales were made by James Company. There was no beginning inventory. James Company uses a perpetual inventory system. Purchases Sales July 3 80 units @ 12 July 13 100 units 11 80 units @ 13 22 40 units 20 40 units @ 15 Under the FIFO method, the cost of goods sold for each sale is? July 13 July 22 a. 1,200 480 b. 1,300 520 c. 1,220 520 d. 1,500 600

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