Assuming that Ace Systems uses the FIFO flow assump?tion, the cost of goods sold on January 28 is:
A) $509.
B) $341.
C) $499.
D) Some other amount.

Question

Quizplus · Accepted Answer

According to the FIFO flow assumption, the cost of goods sold on January 28 would be the cost of the oldest inventory still on hand, which would be the inventory from January 17 at a cost of $499. Therefore, the answer is C.

Assuming That Ace Systems Uses the FIFO Flow Assump?tion, the Cost