Question
Lowery Company Lowery Company uses a perpetual inventory system. The following information is available for the month of March: Mar. 1 On hand, 10 units
Lowery Company
Lowery Company uses a perpetual inventory system. The following information is available for the month of March:
| Mar. | 1 | On hand, 10 units at $2 each | $20 |
| 4 | Sold 8 units for $10 each | 80 | |
| 22 | Purchased 50 units at $4 each | 200 | |
| 26 | Sold 48 units for $10 each | 480 |
If the company uses the LIFO inventory costing method, how much is cost of goods sold for the month of March?
a. $560
b. $204
c. $212
d. $208
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
