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A company purchased 400 units for $30 each on January 31. It purchased 95 units for $40 each on ...

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A company purchased 400 units for $30 each on January 31. It purchased 95 units for $40 each on ...

A company purchased 400 units for $30 each on January 31. It purchased 95 units for $40 each on February 28. It sold 150 units for $55 each from March 1 through December 31. If the company uses the last-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)
A) $15,800
B) $3,800
C) $12,000
D) $5,450

Textbook

Horngren's Financial & Managerial Accounting, The Financial Chapters

Edition: 5^th

Authors: Miller-Nobles, Mattison, Matsumura

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H3Ko Author

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7 years ago

I just realized you had posted this! Thanks so much

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