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Montana Great Outdoors had the following inventory in fiscal 2012. The company uses a periodic inventory system and the LIFO method of accounting for inventory.
Montana Great Outdoors had the following inventory in fiscal 2012. The company uses a periodic inventory system and the LIFO method of accounting for inventory.
Beginning inventory, August 1, 2011: 140 units @ $19.50.
Sept. 15 Purchase 300 units @ $19.00.
Oct. 31 Purchase 50 units @ $20.00.
Jan. 21 Purchase 120 units @ $20.30.
Ending Inventory, July 31, 2012: 130 units.
The companys cost of goods sold for fiscal 2012 is:
A)$9,230
B)$2,636
C)$11,866
D)$9,331
E)None of the above
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