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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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