A company's inventory records report the following in November of the current year: Beginning November 1...
A company's inventory records report the following in November of the current year:
|
Beginning |
November 1 |
5 units @ $20 |
|
Purchase |
November 2 |
10 units @ $22 |
|
Purchase |
November 12 |
6 units @ $25 |
On November 8, it sold 12 units for $54 each. Using the perpetual LIFO inventory method, what amount of gross profit was earned from the 12 units sold?
$366
$577
$388
$438
$260
Homework Answers
Under Lifo, units immediately available before sale are sold first.
Cost of Goods Sold = (10*22) + (12-10)*20
= 220 + 40 = 260
Sales = 12*54 = 648
Gross profit = Sales - Cost of Goods Sold
= 648 - 260
= 388
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