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Jim's Mulch Co. buys mulch and resells it directly to consumers. Due to the nature of their inventory, they employ the last-in, first-out (LIFO) method.
Jim's Mulch Co. buys mulch and resells it directly to consumers. Due to the nature of their inventory, they employ the last-in, first-out (LIFO) method. At the beginning of the year, Jim's Mulch Co. had 88 bags of mulch which had been purchased at $2 per bag. On April 10th, Jim's Mulch Co. bought 45 bags for $5 per bag. On September 18th, Jim's Mulch Co. sold 24 bags of mulch for $12 per bag. On December 29th, Jim's Mulch Co. bought 35 bags of mulch for $7 per bag. What is the cost of goods sold by Jim's Mulch Co. on September 18th
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