question archive The inventory records for Radford Co
Subject:AccountingPrice:3.87 Bought7
The inventory records for Radford Co. reflected the following
Beginning inventory @ May 1 |
100 |
units @ |
$ 4.00 |
First purchase @ May 7 |
300 |
units @ |
$ 4.40 |
second purchase @ May 17 |
500 |
units @ |
$ 4.60 |
Third purchase @ May 23 |
100 |
units @ |
$ 4.80 |
Sales @ May 31 |
900 |
units @ |
$ 7.80 |
Determine the amount of cost of goods sold assuming the LIFO cost flow method.
A) $4,100
B) $4,320
C) $2,360
D) $3,600
Purchased 7 times