In: Accounting
Zimt AG started business in 2007 and uses the FIFO inventory method. During 2007 it purchased 45,000 units of inventory at €10 each and sold 40,000 units for €20 each. In 2008 it purchased another 50,000 units at €11 each and sold 45,000 units for €22 each. Its 2008 COGS (in € thousands) is closest to
A. €440
B. €450
C. €490
D. €495