he following data applies to a particular item of merchandise. The first numeric column shows the quantity purchased and the second numeric column shows the purchase price of each unit.
On hand at the start of the period 300 $5.10
1st purchase 500 $5.20
2nd purchase 700 $5.30
3rd purchase 600 $5.50
Number of units available for sale 2,100
On hand at the end of the period - 500
Number of units sold during the period 1,600
Calculate the cost of goods sold using the FIFO method for the 1,600 units sold.
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