Question
During 2021, Cinnamon Buns Co. (CBC) recorded the following transactions relating to its inventories (listed in chronological order) January 1 Beginning inventory 70 units @
During 2021, Cinnamon Buns Co. (CBC) recorded the following transactions relating to its inventories (listed in chronological order)
January 1 Beginning inventory 70 units @ $55
May 10 Purchase 40 units @ $60
July 22 Sale 90 units @ 105
November 3 Purchase 70 units @ $65
If CBC uses the perpetual LIFO method to account for its inventory, its cost of goods sold for the year ended at December 31, 2021 should be:
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Accounting A Smart Approach
Authors: Mary Carey, Jane Towers-Clark, Cathy Knowles
2nd Edition
0199674914, 978-0199674916
