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Firm A reported the following April activity for inventory purchases: Purchase Date Units Purchased Unit Price April 10 500 2.5 April 24 400 2.6 April
Firm A reported the following April activity for inventory purchases: | |||||||||
Purchase Date | Units Purchased | Unit Price | |||||||
April 10 | 500 | 2.5 | |||||||
April 24 | 400 | 2.6 | |||||||
April 20 | 400 | 2.65 | |||||||
Beginning inventory consisted of 300 units acquired at $2.40. A physical count of ending inventory finds there are 600 units left | |||||||||
at end of April. The cost of goods sold assuming LIFO and its periodic Inventory system is: |
A: $2,600
B: $2,490
C: $2,540
D. None of the above
E. $1,580
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