Homework Answers
Answer
- Under LIFO, 50 units sold must be from latest purchases on Jul 3 first, followed by Beginning inventory.
- Hence, Cost of Goods Sold for 50 units
= (33 units x $ 140) + (17 units x $ 120)
= 4620 + 2040
= $ 6,660 - Correct Answer = Option ‘C’ $ 6660
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