The following data pertains to inventory during the past year. A physical inventory at year-end indicates that 600 units are on hand and that they came from the July 1 purchase. Date Description Number of Units Cost per Unit Total Cost January 1 Beginning Inventory 1,000 $4.00 $4,000 February 20 Purchase 800 $4.50 $3,600 April 1 Purchase 900 $4.75 $4,275 July 1 Purchase 700 $5.00 $3,500 October 22 Purchase 500 $4.90 $2,450 December 10 Purchase 500 $5.00 $2,500 What is Cost of Goods Sold under a LIFO approach? $17,335 $17,925 $17,553 $17,325
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The following data pertains to inventory during the past year. A physical inventory at year-end indicates that 600 units are on hand and that they came from the July 1 purchase.
Date Description Number of Units Cost per Unit Total Cost
January 1 Beginning Inventory 1,000 $4.00 $4,000
February 20 Purchase 800 $4.50 $3,600
April 1 Purchase 900 $4.75 $4,275
July 1 Purchase 700 $5.00 $3,500
October 22 Purchase 500 $4.90 $2,450
December 10 Purchase 500 $5.00 $2,500
What is Cost of Goods Sold under a LIFO approach?$17,335
$17,925
$17,553
$17,325
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