Use the information above to answer the following question.BetterBuy records $3,000 as the cost of goods sold.BetterBuy is using the:
A)Specific identification method.
B)LIFO method.
C)FIFO method.
D)Weighted average cost method.

Question

Quizplus · Accepted Answer

FIFO method. This is because the FIFO method assumes that the first units purchased are the first ones sold, so the cost of goods sold is based on the cost of the oldest inventory.

Use the Information Above to Answer the Following Question