Question
Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were
Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total Cost Beginning inventory (January 1) 15 $ 6 $ 90 Purchase (January 11) 7 $ 12 84 Purchase (January 20) 17 $ 14 238 Total 39 $ 412 On January 14, Beech Soda, Incorporated sold 20 units of this product. The other 19 units remained in inventory at January 31. Assuming that Beech Soda uses the last-in, first-out (LIFO) cost flow assumption, the cost of goods sold to be recorded at January 14 is:
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