Question
Quarter Opening Inventory Units Held/Purchased 17 Unit Cost ($) 28 24 Total Cost ($) 476 480...
Quarter Opening Inventory Units Held/Purchased 17 Unit Cost ($) 28 24 Total Cost ($) 476 480 20 18 468 20 100 500 460 2,384 Total Given that the company uses the LIFO cost flow assumption and sells 22, 16, 26, and 14 units in the four quarters respectively, answer the following questions: Cost of goods sold under the periodic system is closest to: $1.788 $1,800 $1,884
Answers
Total units sold = 22 + 16 + 26 + 14 = 78
Cost of goods sold = (20 * 23) + (25 * 20) + (18 * 26) + (15 * 24)
= $460 + $500 + $468 + $360
= $1,788.Cost of goods sold = $1,788.
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