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
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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
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