Beginning Inventory and Purchases

Purchased Units Unit Cost Total Cost

Beginning Inventory $200$ $$2\mathrm{.}50$ $$500$

April $100$ $$3\mathrm{.}00$ $$300$

May $300$ $$2\mathrm{.}00$ $$600$

June $200$ $$1\mathrm{.}50$ $$300$

Units Available for Sale $800$  $$1,700$

Ending Inventory

Units on Hand $100$ Cost of Units on Hand $

Units Sold in July $700$ Cost of Goods Sold $

Using the LIFO method and the inventory list below, which of the following is the Cost of Goods Sold during July?

Answer rating: 100% (QA)

To calculate the Cost of Goods Sold COGS during July using the LIFO Last In First Out ... View the full answer