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Neff Copiers Inc. uses a periodic inventory system. Its records show the following for the month of August, in which 375 units were sold for
Neff Copiers Inc. uses a periodic inventory system. Its records show the following for the month of August, in which 375 units were sold for a total of $31,875 cash: Number of Date Cost per unit Total cost units August 1 Inventory, beginning 100 $29 $2,900 August 10 Purchase 200 $31 $6,200 August 24 Purchase 125 $32 $4,000 Total 425 $13,100 Compute cost of goods sold for the month of August assuming that Neff Copiers uses the last-in, first-out (LIFO) inventory costing method
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