Question
Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost
Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:
| Date | Transaction | Number of Units | Cost per Unit | |||||
| 1/1 | Beginning Inventory | 160 | $ | 860 | ||||
| 5/5 | Purchase | 260 | $ | 960 | ||||
| 8/10 | Purchase | 360 | $ | 1,060 | ||||
| 10/15 | Purchase | 230 | $ | 1,110 | ||||
During the year, Lauer sold 900 laptop computers. What was cost of goods sold using the LIFO cost flow assumption?
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Fundamentals of corporate finance
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
9th edition
978-0077459451, 77459458, 978-1259027628, 1259027627, 978-0073382395
