Question
Winchester Hardware had an inventory of 900 hammers valued at $5.00 each to begin the month. Winchester sold 800 hammers on the 10th of the
Winchester Hardware had an inventory of 900 hammers valued at $5.00 each to begin the month. Winchester sold 800 hammers on the 10th of the month and purchased 1,000 hammers for $5.40 each on the 12th. On the 18th, Winchester sold 500 hammers. On the 20th, Winchester purchased another 1,000 hammers at $5.80 each. Finally, on the 28th, Winchester sold 500 hammers.
Winchester 's cost of good sold for the month on a FIFO and on a LIFO basis is .
FIFO: $11,050; LIFO: $10,690
FIFO: $9,360; LIFO: $10,120
None of these
FIFO: $9,360 ; LIFO: $9,600
FIFO: $6,340; LIFO: $6,100
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