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 | 110 | $ | 810 | ||||
| 5/5 | Purchase | 210 | $ | 910 | ||||
| 8/10 | Purchase | 310 | $ | 1,010 | ||||
| 10/15 | Purchase | 205 | $ | 1,060 | ||||
During the year, Lauer sold 775 laptop computers. What was cost of goods sold using the LIFO cost flow assumption?
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Factory Accounts
Authors: John Whitmore
1st Edition
0367494825, 9780367494827
