Question
ABC is a reseller of goods. The following transactions took place during March for ABC as it pertains to inventory: March 1 Inventory Balance of
ABC is a reseller of goods. The following transactions took place during March for ABC as it pertains to inventory:
March 1 Inventory Balance of 200 units purchased at $20/Unit
March 7 Purchased 200 units at $22/Unit
March 10 Sold 300 units at a price of $40/Unit
March 15 Purchased 100 units at $23/Unit
March 21 Sold 150 units at a price of $40/Unit
March 25 Purchased 100 units at $24/Unit
What is the COGS for the month of March assuming the company is using the Periodic LIFO methodology for inventory valuation?
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
