Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning inventory (January 1) Purchase (January 11) Purchase (January 20) Total Quantity 23 26 37 86 Unit Cost $ 25 $31 $ 33 Total Cost $ 575 886 1,221 $ 2,602 On January 14, Beech Soda, Incorporated sold 39 units of this product. The other 47 units remained in inventory at January 31. Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the
month of January were as follows:
Beginning inventory (January 1)
Purchase (January 11)
Purchase (January 20)
Total
Quantity
23
26
37
86
Unit Cost
$ 25
$31
$ 33
Total Cost
$ 575
806
1,221
$ 2,602
On January 14, Beech Soda, Incorporated sold 39 units of this product. The other 47 units remained in inventory at January 31.
Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
Transcribed Image Text:Beech Soda, Incorporated uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning inventory (January 1) Purchase (January 11) Purchase (January 20) Total Quantity 23 26 37 86 Unit Cost $ 25 $31 $ 33 Total Cost $ 575 806 1,221 $ 2,602 On January 14, Beech Soda, Incorporated sold 39 units of this product. The other 47 units remained in inventory at January 31. Assuming that Beech Soda uses the LIFO cost flow assumption, the cost of goods sold to be recorded at January 14 is:
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