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 expects to replace the units of beginning inventory sold in April at a cost of $96 per unit and expects inventory at year-end to be between 1,500 and 2,000 units. What amount of cost of goods sold should be recorded for the quarter ended March 31?
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$576,000.
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$565,300.
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$544,500.
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$564,000.
Homework Answers
| Since LIFO is used, Last purchased will be sold first followed by earlier purchases | |||||
| Value of cost of goods sold for 6,000 units is = ((5350*94)+((6000-5350)*96)) | |||||
| Value of cost of goods sold for 6,000 units is = $ 565,300/. | |||||
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