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38 $545 $1,302
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Answer #1
FIFO Purchases Cost of goods sold Inventory on hand
Date Qty Unit cost Total cost Qty Unit cost Total cost Qty Unit cost Total cost
Aug 1 31 $21 $651
Aug 5 26 $20 $520 31 $21 $651
26 $20 $520
Aug 12 30 $21 $630 31 $21 $651
26 $20 $520
30 $21 $630
Aug 15 31 $21 $651 25 $21 $525
26 $20 $520
5 $21 $105

The value of inventory at Aug 15 after the sale = $525

First option is correct.

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