Question

View Policies Show Attempt History Your Answer Correct Answer X Your answer is incorrect. Marigolds has the following inventory data: Nov. 1 8 17 25 Inventory Purchase Purchase Purchase 23 units $4.70 each 94 units @ $5.05 each 47 units $4.90 each 70 units @ $5.10 each A physical count of merchandise inventory on November 30 reveals that there are 78 units on hand. Cost of goods sold under LIFO is $386 $396 $774 $784 O Elt 916 5 7 8 Ľ RILYUUOeler skill G H

Answer 1

COST OF GOODS SOLD UNDER LIFO: $784

LAST-IN, FIRST OUT METHOD Ending Inventory Units Total Units Cost of Goods Sold Units Total d dxb a с схь Cost b 4.70 $ 5.05 $ 4.90 $ 5.10 $ $ Nov. 1 Beginning Inventory Nov. 8 Purchase Nov. 17 Purchase Nov. 25 Purchase Cost of Goods Available Less: Ending Inventory Cost of Goods Sold 23 $ 55$ Total axb 108.10 474.70 230.30 357.00 1,170.10 23 $ 94 $ 47 $ 70 $ 234 108.10 277.75 39 $ 47 $ 70$ 196.95 230.30 357.00 78 78 $ 385.85 156 156 $ 784.25