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Given the following data, calculate the cost of goods sold using the LIFO costing method assuming that periodic inventory records are kept in dollars. Date
Given the following data, calculate the cost of goods sold using the LIFO costing method assuming that periodic inventory records are kept in dollars.
Date | Item | Unit |
1/1 | Beginning inventory | 5 units at $22 per unit |
3/18 | Purchase of inventory | 11 units at $24 per unit |
6/20 | Purchase of inventory | 9 units at $27 per unit |
9/27 | Purchase of inventory | 28 units at $28 per unit |
11/27 | Purchase of inventory | 28 units at $29 per unit |
12/31 | Ending inventory | 18 units |
$1,785.
$522
$1,691.
$428
$1,386
None of the above.
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