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Lionworks Enterprises had the following inventory data: Date Quantity Unit cost July 1 Beginning inventory 5 $52 July 4 Purchase 10 $55 July 7 Sale
Lionworks Enterprises had the following inventory data:
Date | Quantity | Unit cost | |
July 1 | Beginning inventory | 5 | $52 |
July 4 | Purchase | 10 | $55 |
July 7 | Sale | 12 | |
July 11 | Purchase | 9 | $58 |
July 14 | Sale | 8 |
Assuming LIFO and a perpetual inventory system, what is the cost of goods sold for the July 7 sale?
$660
$645
$648
$654
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