The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units @ $4 March 9 Sold 25 units @ $8 What is the cost of goods sold for ABC assuming it uses LIFO? Numeric Response:????????

The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units @ $4 March 9 Sold 25 units @ $8 What is the cost of goods sold for ABC assuming it uses LIFO? Numeric Response:????????

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The following information pertains to ABC:

March 1 Beginning inventory = 30 units @ $5

March 3 Purchased 15 units @ $4

March 9 Sold 25 units @ $8

What is the cost of goods sold for ABC assuming it uses LIFO?

Numeric Response:????????

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