Question
The following information was collected from the inventory records of a company for the month of March, 2010. During March the company sold 90 units
The following information was collected from the inventory records of a company for the month of March, 2010. During March the company sold 90 units of its product at $25 per unit.
|
| Date | Units | Unit Cost | Total Cost |
| Beginning inventory | March 1 | 15 | $10.00 | $150 |
| Purchase | March 5 | 35 | $12.00 | $420 |
| Purchase | March 10 | 70 | $14.00 | $980 |
| Purchase | March 17 | 25 | $15.00 | $375 |
Determine cost of goods sold under LIFO for the month of March.
answer choices: 1285, 640, 1130, 795
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Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
