King Costume uses a periodic inventory system. The company started the month with 9 masks in its beginning inventory that cost $10 each. During the month, King Costume purchased 58 additional masks for $10 each. At the end of the month, King counted its inventory and found that 3 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:

$434.

$440.

$24.

$428.

Answer rating: 100% (QA)

Opening stock 6 Masks 8 Each 48 Purchases 41 Masks 10 Each 410 Closing ... View the full answer