Question
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:
June | 1 | On hand, 50 units @ $15.00 each | $ 750.00 | |
5 | Purchased 115 units @ $15.10 each | 1,736.50 | ||
14 | Purchased 75 units @ $15.20 each | 1,140.00 | ||
Total cost of goods available for sale | $3,626.50 | |||
30 | On 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
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A B 1 First calculate the number of unit sold 2 On hand ...Get Instant Access to Expert-Tailored Solutions
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Accounting Texts and Cases
Authors: Robert Anthony, David Hawkins, Kenneth Merchant
13th edition
1259097129, 978-0073379593, 007337959X, 978-1259097126
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