Starlight Company has the following purchases and sales during October. Using the LIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 11 units that were sold?

Date	Activities	Units Acquired at Cost	Units Sold at Retail
October 1	Beginning inventory	8 units @ $200 = $1,600
October 2	Purchase	20 units @ $205 = $4,100
October 4	Sales		11 units sold

Multiple Choice

• $2,255.

• $2,200.

• $2,215.

• $2,228.

• $2,239.

In applying the lower of cost or market method to LIFO inventory costing, market is defined as:

Multiple Choice

• LIFO.

• Historical cost.

• Replacement cost.

• FIFO.

• Current sales price.