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GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April: Date Activity Units acquired at cost Units
GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April:
Date | Activity | Units acquired at cost | Units sold at retail |
April 1 | beginning inventory | 20 units @ $3,000/unit | |
April 5 | purchase | 30 units @ $3,500/unit | |
April 9 | sale | 35 units @ $12,000/unit | |
April 18 | purchase | 5 units @ $4,500/unit | |
April 25 | purchase | 10 units @ $4,800/unit | |
April 29 | sale | 25 units @ $14,000/unit | |
TOTALS | 65 units | 60 units |
Compute the cost of goods sold for the month using LIFO:
$770,000 | ||
$220,500 | ||
$215,500 | ||
$24,000 | ||
$211,500 | ||
$235,500 |
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