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Tenace Corporation uses a perpetual inventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost

Tenace Corporation uses a perpetual inventory system and has provided the following information about one of their laptop computers:

Date

Transaction

Number of Units

Cost per Unit

1/1

Beginning inventory

100

$800

5/5

Purchase

200

$900

8/10

Purchase

300

$1,000

10/15

Purchase

200

$1,050

During the year, 275 laptop computers were sold on 5/8 and 475 laptops were sold on 10/20.

What was cost of goods sold using the LIFO cost flow assumption?

$717,500

$730,000

$703,125

$725,500

None of the above

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