Question: The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blumen, Inc., for an operating period. Units Unit

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blumen, Inc., for an operating period.

Units

Unit Cost

Total Cost

Units Sold

Beginning Inventory

30

$14

$ 420

Sale No. 1

20

Purchase No. 1

50

20

1,000

Sale No. 2

40

Purchase No. 2

20

22

440

Totals

100

$1,860

72

Assuming Blumen, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:

Select one:

A. $880

B. $800

C. $740

D. $560

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