Question
Transactions for the month of June were: Purchases Sales June 1 (balance) 3150 @ $3.30 June 2 2480 3 8730 @ 3.20 6 6390 7
Transactions for the month of June were:
| Purchases |
| Sales | ||||||
| June 1 |
| (balance) 3150 @ | $3.30 |
| June 2 |
| 2480 |
|
| 3 |
| 8730 @ | 3.20 |
| 6 |
| 6390 |
|
| 7 |
| 4820 @ | 3.40 |
| 9 |
| 4000 |
|
| 15 |
| 7130 @ | 3.50 |
| 10 |
| 1520 |
|
| 22 |
| 2080 @ | 3.60 |
| 18 |
| 5590 |
|
|
|
|
|
|
| 25 |
| 830 |
|
Assuming that perpetual inventory records are kept in dollars, the COGS on a LIFO basis is
A. $69,813 B. $68,058 C. $67,349 D. $67,251
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Automotive Audits Principles And Practices
Authors: D. H. Stamatis
1st Edition
0367696592, 978-0367696597
