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The following information pertains to inventory for a company: March 1 Beginning inventory = 28 units @ $5.10 March 3 Purchased 17 units @ 3.70 March 9 Sold 26 units @ 8.90 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $104 $96 $133 $109

The following information pertains to inventory for a company: March 1 Beginning inventory = 28 units @ $5.10 March 3 Purchased 17 units @ 3.70 March 9 Sold 26 units @ 8.90 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $104 $96 $133 $109

FINANCIAL ACCOUNTING
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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The following information pertains to inventory for a company: March 1 Beginning inventory = 28 units @ $5.10 March 3 Purchased 17 units @ 3.70 March 9 Sold 26 units @ 8.90 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $104 $96 O $133 $109
Transcribed Image Text:The following information pertains to inventory for a company: March 1 Beginning inventory = 28 units @ $5.10 March 3 Purchased 17 units @ 3.70 March 9 Sold 26 units @ 8.90 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $104 $96 O $133 $109
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