The Lady in Red Corp. reported the following information for the month of September 2015: Date Units Price Amount September 1, 2015 Inventory 100 $30 $3,000 September 9, 2015 purchase 50 $32 1,600 September 18, 2015 purchase 100 $33 3,300 September 27, 2015 purchase 50 $34 1,700 Total 300 $9,600 During September, Lady in Red Corp. sold 150 units. The company uses the periodic inventory system. Using the last-in, first-out (LIFO) method of inventory accounting, compute the cost of goods sold.
The Lady in Red Corp. reported the following information for the month of September 2015:
Date Units Price Amount
September 1, 2015 Inventory 100 $30 $3,000
September 9, 2015 purchase 50 $32 1,600
September 18, 2015 purchase 100 $33 3,300
September 27, 2015 purchase 50 $34 1,700
Total 300 $9,600
During September, Lady in Red Corp. sold 150 units. The company uses the periodic inventory system. Using the last-in, first-out (LIFO) method of inventory accounting, compute the cost of goods sold.
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