Question
The following information relates to Anne's Bakery Date Transaction Amount March 1 Opening inventory 550 items @ $26/item March 8 Purchases 1,000 items @ $28/item
The following information relates to Anne's Bakery Date Transaction Amount March 1 Opening inventory 550 items @ $26/item March 8 Purchases 1,000 items @ $28/item March 19 Sales 1,200 units @ $40/item March 28 Purchases 750 units @ $30/item If Anne's Bakery uses a perpetual inventory system and a LIFO cost flow assumption, what is the cost of goods sold for the month of March?
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
