Homework Answers
Under LIFO method, Units purchased latest are sold first.
Total sales during the year = 1340 units
This will be accounted out of
| Date of purchase | Unit Cost ($) | No.of units | Total Cost ($) |
|---|---|---|---|
| 9/9/13 | 4.00 | 700 | 2,800 |
| 6/6/13 | 3.50 | 390 | 1,365 |
| 2.3.13 | 3.00 | 250 (1340 - 1090) | 750 |
| Total Cost | 4,915 |
Hence, Option D ($ 4,915) is correct.
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