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Lemur Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers: Date Transaction Number of Units Cost
Lemur 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 | 270 | $970 |
5/5 | Purchase | 370 | $1,070 |
8/10 | Purchase | 470 | $1,170 |
10/15 | Purchase | 285 | $1,220 |
During the year, Lemur sold 1,175 laptop computers. What was cost of goods sold using the FIFO cost flow assumption? |
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