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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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