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The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First purchase May 7 Second purchase @ May 17 100 units @ $4.00 300 units @ $4.40 500 units @ $4.60 100 units @ $4.80 900 units @ $7.80 Third purchase @ May 23 Sales & May 31 What is the amount of cost of goods sold assuming the LIFO cost flow method? Multiple Choice O O $3,600 $4,320

The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First purchase May 7 Second purchase @ May 17 100 units @ $4.00 300 units @ $4.40 500 units @ $4.60 100 units @ $4.80 900 units @ $7.80 Third purchase @ May 23 Sales & May 31 What is the amount of cost of goods sold assuming the LIFO cost flow method? Multiple Choice O O $3,600 $4,320

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 inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First purchase @ May 7 Second purchase @ May 17 Third purchase @ May 23 Sales May 31 100 units @ $4.00 300 units @ $4.40 500 units @ $4.60 100 units @ $4.80 900 units @ $7.80 What is the amount of cost of goods sold assuming the LIFO cost flow method? Multiple Choice O $3,600 $4,320 $2,360
Transcribed Image Text:The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First purchase @ May 7 Second purchase @ May 17 Third purchase @ May 23 Sales May 31 100 units @ $4.00 300 units @ $4.40 500 units @ $4.60 100 units @ $4.80 900 units @ $7.80 What is the amount of cost of goods sold assuming the LIFO cost flow method? Multiple Choice O $3,600 $4,320 $2,360
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