Tenace Corporation uses a periodicinventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 275 laptop computers were sold on 5/8 and 475 laptops were sold on 10/20. What was cost of goods sold using the LIFOcost flow assumption?
Tenace Corporation uses a periodicinventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 275 laptop computers were sold on 5/8 and 475 laptops were sold on 10/20. What was cost of goods sold using the LIFOcost flow assumption?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Tenace Corporation uses a periodicinventory system and has provided the following information about one of their laptop computers:
Date |
Transaction |
Number of Units |
Cost per Unit |
1/1 |
Beginning inventory |
100 |
$800 |
5/5 |
Purchase |
200 |
$900 |
8/10 |
Purchase |
300 |
$1,000 |
10/15 |
Purchase |
200 |
$1,050 |
During the year, 275 laptop computers were sold on 5/8 and 475 laptops were sold on 10/20.
What was cost of goods sold using the LIFOcost flow assumption?
Group of answer choices
A)$717,500
b)$730,000
C)$703,125
D)$725,500
E)None of the above
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education