Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with...
Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,700 units of inventory carried at LIFO cost of $64 per unit. During the first quarter, it purchased 5,350 units at an average cost of $94 per unit and sold 6,000 units at $170 per unit.
Assume the company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost of goods sold should be recorded for the quarter ended March 31?
-
$544,500.
-
$564,000.
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$576,000.
-
$565,300.
Homework Answers
$544,500.
since LIFO is used:
5350 units out of 6000 units will be from latest sales => 5350*94 =>502,900.
remaining units will be = 650 units * 64 =>$41,600.
total cost of goods sold = 502,900 + 41,600
=>$544,500.
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Tristan, Inc., uses the LIFO cost-flow assumption to value
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