A company had inventory on June 1 of 12 units at a cost of $35 each. On June 5,

Question

A company had inventory on June 1 of 12 units at a cost of $35 each. On June 5, the company purchased 23 units at a cost of $30 each. On June 8 the company purchased 15 more units at a cost of $32 each. On June 10, 16 units were sold for $48 each. If the company uses a perpetual inventory system and the LIFO inventory valuation method, what amount should be assigned to cost of goods sold for the units sold on June 10? Answer $512 $768 $510 $540 A company had inventory on June 1 of 12 units at a cost of $35 each. On June 5, the company purchased 23 units at a cost of $30 each. On June 8 the company purchased 15 more units at a cost of $32 each. On June 10, 16 units were sold for $48 each. If the company uses a perpetual inventory system and the LIFO inventory valuation method, what amount should be assigned to cost of goods sold for the units sold on June 10? $512 $768 $510 $540 $512 $768 $510 $540

Explanation / Answer

COGS = 15*32 + 1*30 = 510

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