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At the end of January, Mineral Labs had an inventory of 885 units, which cost $11 per unit to produce.

/in /by

At the end of January, Mineral Labs had an inventory of 885 units, which cost $11 per unit to produce. During February, the company produced 1,450 units at a cost of $15 per unit.

a.
If the firm sold 1,950 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)

Cost of goods sold $

b.
If the firm sold 1,950 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)

Cost of goods sold
$

 
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