Company uses the perpetual system for tracking inventory. The following inventor

Question

Company uses the perpetual system for tracking inventory. The following

inventory transactions occurred during the month.

Date

Units

Unit Cost

Total

Beginning inventory

1-Jan

100

10

1,000

Purchase

5-Jan

20

11

220

Sale

7-Jan

2

Purchase

10-Jan

30

12

360

Sale

11-Jan

15

Under LIFO method of costing inventory, what was the cost of goods sold for the items sold on

Company uses the perpetual system for tracking inventory. The following

inventory transactions occurred during the month.

Date

Units

Unit Cost

Total

Beginning inventory

1-Jan

100

10

1,000

Purchase

5-Jan

20

11

220

Sale

7-Jan

2

Purchase

10-Jan

30

12

360

Sale

11-Jan

15

Under LIFO method of costing inventory, what was the cost of goods sold for the items sold on

Explanation / Answer

I had the same question yesterday on the test! Under LIFO method of costing inventory, what was the cost of goods sold for the items sold on January 7th? $11 each $22.00 total January 11th? $12 each $180.00 Total

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