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Dumpster Diver Co. uses perpetual inventory system. It has the following transactions in 2012: On January 1, Dumpster Diver Co had 50 Emerson dishwashers in
Dumpster Diver Co. uses perpetual inventory system. It has the following transactions in 2012:
- On January 1, Dumpster Diver Co had 50 Emerson dishwashers in stock. Each cost $500.
- On March 15, Dumpster Diver Co purchased 20 Emerson dishwashers for $12,000 from a supplier, paid $10,000 in cash and the rest was on credit.
- On June 15, Dumpster Diver Co purchased 30 Emerson dishwashers for $650 each.
- On August 1, Dumpster Diver Co sold 20 Emerson dishwashers for $800 each.
- On November 22 during Thanksgiving black Friday sales, Dumpster Diver Co sold 60 Emerson dishwashers for $750 each. Dumpster Diver received $35,000 in cash and the remaining balance would be due within one month.
Assuming that Dumpster Diver uses LIFO. What should be the cost of goods sold in 2012?
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