Question
PART C: Inventory Costing : LIFO The Thunderous Dragon Company uses a perpetual inventory system. The following data are available for its first month of
PART C: Inventory Costing : LIFO
The Thunderous Dragon Company uses a perpetual inventory system. The following data are available for its first month of operations.
Date: Description Unit Qty. Price Per Unit.
May 2 Purchased 220 units $7
May 3 Purchased 350 units $8
May 10 Sold 275 units $11
May 15 Purchased 390 units $9
May 25 Sold 330 units $13
Calculate the Cost of Goods Sold (COGS) under (c.) LIFO,
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Auditing
Authors: Karla M. Johnstone, Audrey A. Gramling, Larry E. Rittenberg
8th International Edition
0538477660, 978-0538477666
