and from The Boxwood Company sells blankets for $ 34.00 each. The following was

Question

and from The Boxwood Company sells blankets for $ 34.00 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1 Blankets Units Cost May 03 Purchase May 10 Sale May 17 Purchase May 20 Sale May 23 Sale May 30 Purchase 16.00 $17.00 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. Select the correct answer. $102.00 $51.00 $80.00 $198.00

Explanation / Answer

Answer is $ 102. STATEMENT SHOWING INVENTORY RECORD UNDER PERPETUAL LIFO METHOD RECIEPTS COST OF GOODS SOLD BALANCE DATE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ 3-May 7 16 112 7 16 112 10-May 5 16 80 2 16 32 17-May 10 17 170 2 16 32 10 17 170 20-May 6 17 102 2 16 32 4 17 68 23-May 3 17 51 2 16 32 1 17 17 30-May 9 22 198 2 16 32 1 17 17 9 22 198 TOTAL 26 480 14 233 12 247

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.