During July, the following purchases and sales were made by Marigold Company. There was no beginning inventory. Marigold Company uses a perpetual inventory system. July 3- 11 20 July 13 Under the LIFO method, the cost of goods sold for each sale is: $664 $728 Purchases 40 units @ $12 July 13 40 units @ $13 23 units@ $14 $624 July 22 $322 $322 Sales 52 units 22 23 units $276
During July, the following purchases and sales were made by Marigold Company. There was no beginning inventory. Marigold Company uses a perpetual inventory system. July 3- 11 20 July 13 Under the LIFO method, the cost of goods sold for each sale is: $664 $728 Purchases 40 units @ $12 July 13 40 units @ $13 23 units@ $14 $624 July 22 $322 $322 Sales 52 units 22 23 units $276
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![During July, the following purchases and sales were made by Marigold Company. There was no beginning inventory. Marigold
Company uses a perpetual inventory system.
July 3-
11
20
Under the LIFO method, the cost of goods sold for each sale is:
July 13
$664
$728
Purchases
Sales
40 units@ $12 July 13 52 units
40 units @ $13
22 23 units
23 units @ $14
$624
July 22
$322
$322
$276](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec2990a1-07d8-4524-a658-1e556b5ba7dd%2F7ad09a9e-0a9d-480e-a3aa-8e18409b8e7b%2Frp76esp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:During July, the following purchases and sales were made by Marigold Company. There was no beginning inventory. Marigold
Company uses a perpetual inventory system.
July 3-
11
20
Under the LIFO method, the cost of goods sold for each sale is:
July 13
$664
$728
Purchases
Sales
40 units@ $12 July 13 52 units
40 units @ $13
22 23 units
23 units @ $14
$624
July 22
$322
$322
$276
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