Question
Digital Enterprises uses a perpetual inventory system and has the following data available from inventory, purchases, and sales for the month of January. Date Activity
Digital Enterprises uses a perpetual inventory system and has the following data available from inventory, purchases, and sales for the month of January.
| Date | Activity | Units | Purchase Price (per unit) | Sale Price (per unit) |
| Jan. 01 | Beg. Inventory | 110 | $4.75 | |
| Jan. 07 | Purchase 1 | 460 | $5.5 | |
| Jan. 16 | Sale 1 | 330 | $9.45 | |
| Jan. 24 | Purchase 2 | 580 | $5.65 | |
| Jan. 30 | Sale 2 | 290 | $11 |
Using the LIFO inventory method calculate the total cost of goods sold for the month. Please round total cost to nearest whole dollar.
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Internal Auditing As A Career
Authors: Richa Yamini Goel
1st Edition
B09RMBWZ2L, 979-8412866512
