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3 years ago

Lionworks Enterprises had the following inventory data:

Business

1 answer:

Kamila [148]3 years ago

3 0

Answer:

The correct answer is a. $654

Explanation:

In order to calculate LIFO, which means last in first out, you have to determine the cost of your most recent inventory and multiply it by the amount of inventory sold.

In this case, the sale that was made on July 7 include 10 units purchased on July 4 and 2 units from July 1 which was the beginning inventory.

The cost of goods for the July 7 sale=(10 units × $55) + (2 units× $52) = $654

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1 year ago

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