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A company has decided to switch from using the FIFO method of inventory valuation to using the average cost method (AVCO). In the first accounting period where the change is made, opening inventory valued by the FIFO method was $53,200. Closing inventory valued by the AVCO method was $59,800. Total purchases and during the period were $136,500. Using the AVCO method, opening inventory would have been valued at $56,200. What is the cost of materials that should be included in the income statement for the period? A. $132,900 B. $135,900 C. $129,900 D. $140,100 |