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The following information relates to March transactions for the Toy Factory, a company which uses LIFO and a perpetual inventory system. March 1 Beginning inventory
The following information relates to March transactions for the Toy Factory, a company which uses LIFO and a perpetual inventory system. March 1 Beginning inventory 75 toys at $30/toy March 10 Purchase 50 toys at $35/toy March 15 Sale 90 toys March 27 Purchase 80 toys at $36/toy At what cost were the 90 toys sold on March 15?
83.5% of the 90 toys at $30 and 16.5% of the 90 toys at $35
All at $35
We need to know the closing balance from the previous month to calculate the answer
44.5% of the 90 toys at $30 and 55.5% of the 90 toys at $35
All at $30
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