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The Lady in Red Corp. reported the following information for the month of September 2015: Date Units Price Amount September 1, 2015 Inventory 100 $30
The Lady in Red Corp. reported the following information for the month of September 2015:
Date | Units | Price | Amount |
September 1, 2015 Inventory | 100 | $30 | $3,000 |
September 9, 2015 purchase | 50 | $32 | 1,600 |
September 18, 2015 purchase | 100 | $33 | 3,300 |
September 27, 2015 purchase | 50 | $34 | 1,700 |
Total | 300 |
| $9,600 |
During September, Lady in Red Corp. sold 150 units. The company uses the periodic inventory system. Using the last-in, first-out (LIFO) method of inventory accounting, compute the cost of goods sold.
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