Question: Following is information about a certain product: Quantity Unit Cost Total Cost Inventory, July 1 400 $1.00 $400 Purchases, July 15 200 $1.20 240 Total

Following is information about a certain product:

Quantity Unit Cost Total Cost Inventory, July 1 400 $1.00 $400 Purchases, July 15 200 $1.20 240 Total goods available 600 640 Inventory, July 31 300 What was the cost of sales for July:

(a) Under the FIFO method

(b) Under the LIFO method

(c) Under the average-cost method

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