Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Roki Inc. uses the periodic inventory system and has the following data for the month of June: June 1 On hand, 50 units @ $15.00

Roki Inc. uses the periodic inventory system and has the following data for the month of June:

June1On hand, 50 units @ $15.00 each$ 750.00
5Purchased 115 units @ $15.10 each1,736.50
14Purchased 75 units @ $15.20 each1,140.00
Total cost of goods available for sale$3,626.50
30On hand, 90 units


If Roki uses the LIFO method, the cost of goods sold for June would be

a. $1,354.00.

b. $2,272.50.

c. $2,296.08.

d. $2,200.00

Step by Step Solution

3.48 Rating (164 Votes )

There are 3 Steps involved in it

Step: 1

A B 1 First calculate the number of unit sold 2 On hand ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Texts and Cases

Authors: Robert Anthony, David Hawkins, Kenneth Merchant

13th edition

1259097129, 978-0073379593, 007337959X, 978-1259097126

More Books

Students also viewed these Accounting questions

Question

What is neuromarketing? Give examples of three techniques.

Answered: 1 week ago