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SlickCo begins operations in 20X1 uses the periodic method and LIFO costing, and purchases merchandise as follows 20X1 Units Unit cost March 450 $3.00 August

SlickCo begins operations in 20X1 uses the periodic method and LIFO costing, and purchases merchandise as follows

20X1

Units

Unit cost

March

450

$3.00

August

650

$3.50

20X2

February

550

$4.00

October

250

$5.00

If SlickCo sells 850 units in 20X1 and again in 20X2, cost of goods sold on the 20X2 income statement will be:

Select one:

a. $3,200

b. $3,400

c. $3,600

d. $3,800

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