Sheffield has the following inventory data: July 1 Beginning inventory 32 units at $6.40 Purchases 127 units at $7.00 14 Sale 85 units 21 Purchases 64 units at $7.60 30 Sale 59 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $536.80 $1043.40
Sheffield has the following inventory data: July 1 Beginning inventory 32 units at $6.40 Purchases 127 units at $7.00 14 Sale 85 units 21 Purchases 64 units at $7.60 30 Sale 59 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $536.80 $1043.40
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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![Sheffield has the following inventory data:
July 1
Beginning inventory
32 units at $640
Purchases
127 units at $7.00
14
Sale
85 units
21
Purchases
64 units at $7.60
30
Sale
59 units
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
O $536.80
O $1043.40
O $1580.20
O $787.20](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2fc0ee15-0f91-464a-9c89-ff2e773a521f%2F05c2a46b-7485-4e8d-9746-4b8707731ae9%2Ffbmu7ap_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Sheffield has the following inventory data:
July 1
Beginning inventory
32 units at $640
Purchases
127 units at $7.00
14
Sale
85 units
21
Purchases
64 units at $7.60
30
Sale
59 units
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
O $536.80
O $1043.40
O $1580.20
O $787.20
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