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Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a...

Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of six units at $5 per unit. The company purchased six units at $7 per unit in February, sold eleven units in October, and purchased two units at $8 per unit in December. If Charter Company uses the LIFO method, what is the cost of goods sold for the year?

A) $67

B) $21

C) $83

D) $88

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Answer #1

Cost of Goods Sold under LIFO

= (6*7) + (11-6)*5

= 42 + 25

= 67

OPTION A is the answer
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