Question
Lowell Inc. had the following inventory in fiscal 2012. The company uses the LIFO method of accounting for inventory. Beginning Inventory, August 1, 2011: 140
Lowell Inc. had the following inventory in fiscal 2012. The company uses the LIFO method of accounting for inventory.
Beginning Inventory, August 1, 2011: 140 units @ $19.50 Purchase 300 units @ $19.00 Purchase 50 units @ $20.00 Purchase 120 units @ $20.30 Ending Inventory, July 31, 2012: 120 units
The company's cost of goods sold for fiscal 2012 is:
| A. | $ 9,526 | |
| B. | $ 2,636 | |
| C. | $11,866 | |
| D. | $ 9,331 | |
| E. | None of the above |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
