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

To determine the cost of goods sold (COGS) for Patricia's business in 2012, we need to follow the FIFO (First-In, First-Out) method of inventory valuation. This means that the first units purchased will be the first ones sold.

First, let's calculate the cost of the units purchased:

20 units purchased at $11 each = 20 * $11 = $220
26 units purchased at $9 each = 26 * $9 = $234
18 units purchased at $14 each = 18 * $14 = $252

Next, let's calculate the number of units sold:

Patricia sold 30 units in 2012.

Now, let's determine which units were sold:

Since Patricia uses the FIFO method, we will start by selling the oldest units first. Therefore, the first 20 units sold will be from the first batch purchased at $11 each. The next 10 units will be from the second batch at $9 each.

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

20 units sold at $11 each = 20 * $11 = $220
10 units sold at $9 each = 10 * $9 = $90

Finally, let's add up the costs:

$220 + $90 = $310

Therefore, the cost of goods sold (COGS) for Patricia's business in 2012 is $310.

The correct answer is (b) $310.