[The following information applies to the questions displayed below. Charter Com

Question

[The following information applies to the questions displayed below. Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of nine units at $5 per unit. The company purchased six units at $7 per unit in February, sold nine units in October, and purchased three units at $8 per unit in December Use the information above to answer the following question. If Charter Company uses the LIFO method, what is the cost of goods sold for the year? O $57 O $54 O $66 O $111

Explanation / Answer

Cost of goods Sold using LIFO Method :

= 6 Units * $ 7 Per Unit + 3 Units * $ 5 per Unit

= $ 57  

Hence the correct answer is $ 57

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

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