Question
A company had the following purchases and sales during its first year of operations: PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at
A company had the following purchases and sales during its first year of operations:
PurchasesSalesJanuary:10 units at $1206 unitsFebruary:20 units at $1255 unitsMay:15 units at $1309 unitsSeptember:12 units at $1358 unitsNovember:10 units at $14013 units
On December 31, there were 26 units remaining in ending inventory. Using the Perpetual LIFO inventory valuation method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
- A. $5,305.
- B. $5,400.
- C. $5,470.
- D. $5,130.
- E. $8,670.
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College Accounting Chapters 1-13
Authors: John Price, M David Haddock, Michael Farina
13th Edition
007743062X, 9780077430627
