Question

using the information above, periodic LIFO cost of goods sold is

on 12 d out of g question Lamp Inc. sells lamps. During March 2018, its inventory records for the category "Nightstand Lamps" were as follows: Quantity Price per Lamp Total Beginning Inventory 2,000 lamps $26 = $52,000 March 7 Purchase 1,800 lamps = $52,200 March 11 Sale 2,500 lamps N/A March 17 Purchase 900 lamps $31 = $27,900 March 23 Sale 800 lamps N/A March 28 Purchase 700 lamps = $22,400 $29 Using the information above, perpetual LIFO ending inventory is: Select one: a. $95,200 b. $59,300 c. $54,900 d. $64,800 Check

Answer 1

Date	Available for sale			Cost of goods sold			Ending Inventory
	Units	Unit cost	Total Cost	Units	Unit cost	Total Cost	Units	Unit Cost	Total Cost
March 1							2,000	26	52,000
March 7	1,800	29	52,200				2,000	26	52,000
							1,800	29	52,200
March 11				1,800	29	52,200
				700	26	18,200	1,300	26	33,800
March 17	900	31	27,900				1,300	26	33,800
							900	31	27,900
March 23				800	31	24,800	1,300	26	33,800
							100	31	3,100
March 28	700	32	22,400				1,300	26	33,800
							100	31	3,100
							700	32	22,400
Total							2,100		$59,300

Ending inventory = $59,300

Correct option is b.

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