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Novak has the following inventory data: July 1 Beginning inventory 37 units at $7.30 5 Purchases 146 units at $8.10 14 Sale 98 units 21
Novak has the following inventory data:
| July 1 | Beginning inventory | 37 units at $7.30 | ||
| 5 | Purchases | 146 units at $8.10 | ||
| 14 | Sale | 98 units | ||
| 21 | Purchases | 73 units at $8.80 | ||
| 30 | Sale | 68 units |
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
|
| $702.90 |
|
| $1029.30 |
|
| $2095.10 |
|
| $1392.20 |
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