Question

LJUURCES - don 10 LSUS RESOURCE: ct ed out of ag 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 $29 = $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 $32 = $22,400 Using the information above, periodic LIFO cost of goods sold is: Select one: a. $99,600 b. $98,550 c. $103,400 d. $95,700 Check

Answer 1

Total sales units= 2500+800= 3300 units

Units from March 7 purchase= Total sales units-March 28 Purchase-March 17 Purchase

= 3300-700-900= 1700 units

Cost of goods sold under Periodic LIFO method= March 28 Purchase+March 17 Purchase+March 7 Purchase

= (700*$32+900*$31+1700*$29)= $99600

So, the answer is option A) $99600