Question: ABC Inc., uses a perpetual inventory system and FIFO method. The beginning inventory of a particular product as of June 1 comprises 258 units at

ABC Inc., uses a perpetual inventory system and FIFO method. The beginning inventory of a particular product as of June 1 comprises 258 units at a cost of $20 per unit. The following information pertains to the purchases of that product made during June: Purchase date No. of units purchased Unit cost June 7 32 $21.5 June 18 69 $22.3 On June 20, the company sells 33 units at a selling price of $120 per unit. What is cost of goods sold for the sale made on June 20?

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