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victus00 [196]
3 years ago
8

Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning

Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $1,800.00 C. $5,305.75 D. $6,157.50 E. None of the above
Business
1 answer:
quester [9]3 years ago
8 0

Answer:

The correct answer is B. $1,800.00

Explanation:

LIFO Perpetual table is attached.

The table shows purchases, sales and balance of each period.

As the final inventory is 120 units, we suppose the sales of the year.  Applying LIFO,  our ending inventory cost is 120 units, each one at $15

So,  total cost is $1800 (120* 15)

Download xlsx
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Answer:

Sole Purpose Shoe Company

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A) Management can evaluate the differences between standard costs and actual costs to focus on correcting the cost variances.

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