Question 254 pts

Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year:

March 1	10,000 boxes at $1.60	$16,000
August 15	20,000 boxes at $1.70	34,000
November 20	10,000 boxes at $1.80	18,000

At the end of the year, Lawrences inventory consisted of 15,000 boxes of candy.

1. Calculate Lawrences cost of goods sold using the LIFO inventory valuation method.

Cost of goods sold	$

Here is an example of how your answer should look: $13,690