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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Cost Of Capital Applications And Examples
Authors: Shannon P. Pratt, Roger J. Grabowski, Richard A. Brealey
5th Edition
1118555805, 9781118555804
