The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.     Units Unit Cost Total Cost Units Sold Beginning Inventory 30 $28 $   840   Sale No. 1       20 Purchase No. 1 50 40 2,000   Sale No. 2       40 Purchase No. 2 20 44    880 __ Totals 100   $3,720 60 Assuming Delacour, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: Select one: A. $1,480 B. $1,120 C. $1,760 D. $1,600

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Delacour, Inc. for an operating period.
 
 
Units
Unit Cost
Total Cost
Units Sold
Beginning Inventory
30
$28
$   840
 
Sale No. 1
 
 
 
20
Purchase No. 1
50
40
2,000
 
Sale No. 2
 
 
 
40
Purchase No. 2
20
44
   880
__
Totals
100
 
$3,720
60

Assuming Delacour, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:
Select one:
A. $1,480
B. $1,120
C. $1,760
D. $1,600
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