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Cheyenne has the following inventory data: July 1 Beginning inventory 26 units at $5.30 5 Purchases 106 units at $5.80 14 Sale 70 units 21
Cheyenne has the following inventory data:
| July 1 | Beginning inventory | 26 units at $5.30 | ||
| 5 | Purchases | 106 units at $5.80 | ||
| 14 | Sale | 70 units | ||
| 21 | Purchases | 53 units at $6.30 | ||
| 30 | Sale | 49 units |
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
$540.60
$1086.50
$714.70
$371.80
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1st Edition
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