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 J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
