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Rashid [163]
4 years ago
5

King Costume started the month with 8 masks in its beginning inventory that cost $10 each. During the month, King Costume purcha

sed 40 additional masks for $12 each. At the end of the month, King counted its inventory and found that 5 masks remained unsold. If King Costume uses LIFO periodic, its Cost of Goods Sold for the month is:
Business
1 answer:
nydimaria [60]4 years ago
7 0

Answer:

Cost of goods sold= $510

Explanation:

Giving the following information:

King Costume started the month with 8 masks in its beginning inventory that cost $10 each. During the month, King Costume purchased 40 additional masks for $12 each. At the end of the month, King counted its inventory and found that 5 masks remained unsold.

Units sold= 8 + 40 - 5= 43

LIFO (last-in, first-out)

Cost of goods sold= 40*12 + 3*10= $510

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