On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory...
On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
January:10 units at $1206
February:20 units at $1255
May:15 units at $1309
September:12 units at $1358
November:10 units at $14013
Multiple Choice
$8,670.
$5,400.
$5,470.
$5,130.
$5,305.
Homework Answers
Answer: $5,400
Explanation
| Calculation of Cost of goods sold | ||
| Units of sales | Purchase | Cost of goods sold |
| 6 | $ 120.00 | $ 720.00 |
| 5 | $ 125.00 | $ 625.00 |
| 9 | $ 130.00 | $ 1,170.00 |
| 11 | $ 135.00 | $ 1,485.00 |
| 10 | $ 140.00 | $ 1,400.00 |
| TOTAL | $ 5,400.00 | |
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