Lime company purchased $400$ units for $$20$ each on January $31.$ It purchased $85$ units for $$30$ each on February $28.$ It sold $150$ units for $$45$ 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

Answer rating: 100% (QA)

To calculate the Cost of Goods Sold COGS using the LastIn FirstOut LIFO inventory costing method we ... View the full answer