Question 21: A company that uses the perpetual inventory system sold goods to a customer cash on September 10 for $20. The company has the following inventory information: January 1 Beginning Inventory, 15 units at $9 each -June 10 Purchase, 17 units at $10 each September 10 Sale, 8 units The company uses the LIFO method of inventory costing. Calculate the cost of goods sold for the sale on September 10. a) $48 b) $160 c) $88 d) $170 e) $80
Question 21: A company that uses the perpetual inventory system sold goods to a customer cash on September 10 for $20. The company has the following inventory information: January 1 Beginning Inventory, 15 units at $9 each -June 10 Purchase, 17 units at $10 each September 10 Sale, 8 units The company uses the LIFO method of inventory costing. Calculate the cost of goods sold for the sale on September 10. a) $48 b) $160 c) $88 d) $170 e) $80
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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