patrica is a business owner who is trying to determine her cost of goods sold for 2012. shoe bought 20 units of inventory at $11, then 26 units at $9 and finally 18 units at $14. she sold 30 units in 2012 and uses the fifo for her inventory valuation. what was her cost of goods sold in 2012, assuming that there was no inventory at the beginning of the year?

a.$706
b.$310
c.$360
d $330
e none of the above

If she sold 30 units, then that means she sold

18 @ $14
12 @ $9
total: $360

Oops - I did lifo. Using fifo, she sold

20 @ $11
10 @ $9
total: $310

To determine the cost of goods sold using the FIFO method, you need to calculate the cost of the units sold first.

In this case, Patricia sold 30 units in 2012. To determine the cost of these units, we need to follow the FIFO method which means we sell the oldest units first.

Let's break down the inventory and their costs:

- Patricia bought 20 units at $11 each, totaling 20 units * $11 = $220.
- Patricia then bought 26 units at $9 each, totaling 26 units * $9 = $234.
- Finally, Patricia bought 18 units at $14 each, totaling 18 units * $14 = $252.

Now, let's determine how many units from each purchase we need to calculate the cost of goods sold. Since Patricia sold 30 units, she will use units from the first two purchases:

- From the first purchase of 20 units, she sold 20 units.
- From the second purchase of 26 units, she sold an additional 10 units (to reach a total of 30 units).

Now, let's calculate the cost of goods sold:

- For the first purchase of 20 units: 20 units * $11 = $220.
- For the second purchase of 10 units: 10 units * $9 = $90.

The cost of goods sold is the sum of these two calculations:

$220 + $90 = $310.

Therefore, the correct answer is b. $310.