Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the September 17 cost of goods sold would be: Oa. $500 Оь. S400 Oc. $600 Od. $450

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September.
Sep. 1 Inventory
20 units at $20
4 Sold
10 units
10 Purchased
30 units at $25
17 Sold
20 units
30 Purchased
10 units at $30
If Addison uses LIFO, the September 17 cost of goods sold would be:
Oa. $500
Ob. $400
Oc. $600
Od. $450
Transcribed Image Text:Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the September 17 cost of goods sold would be: Oa. $500 Ob. $400 Oc. $600 Od. $450
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