Question

The following information pertains to Julia & Company: March 1 Beginning inventory = 33 units @ $5.70 March 3 Purchased 14 units @ 4.40 March 9 Sold 22 units @ 9.00 What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

Answer 1

Answer:

The cost of the 22 units sold is 107,20

Explanation:

LIFO Perpetual chart is attached.

It shows purchases, sales and balance of each period. To get the cost of goods sold we must see the sales column  

Units  Unit Cost        Total

14      $4,40             $61,60

8      $5,70            $45,60

Total=$61,60 +$45,60=107,20

Download xlsx