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AIF Inc. sells sunshine punch by the gallon. At year end 2021, AIF Inc. ended with 10 gallons in inventory that each cost $20 per
AIF Inc. sells sunshine punch by the gallon. At year end 2021, AIF Inc. ended with 10 gallons in inventory that each cost $20 per gallon [i.e., 12/31/2021]. In January 2022, AIF Inc. bought 25 gallon jugs for $22 each. During 2022, the company sold 30 gallon jugs for $45 each on account. If the company uses the LIFO inventory method, what is AIF's Cost of Goods Sold on its 2022 Income Statement?
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