SassyCat, Inc. had the following inventory data: Date Quantity Unit Cost July 1 July 4 July...

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SassyCat, Inc. had the following inventory data: Date Quantity Unit Cost July 1 July 4 July 7 July 11 July 14 Beginning inventory 5 $55 Purchase 10 $58 Sale 12 Purchase 9 $54 Sale 8 Assuming average cost, what is the cost of goods sold for the July 14 sale? O A. $438 O B. $331 C. $432 D. $448 SassyCat, Inc. had the following inventory data: Date Quantity Unit Cost July 1 July 4 July 7 July 11 July 14 Beginning inventory 5 $55 Purchase 10 $58 Sale 12 Purchase 9 $54 Sale 8 Assuming average cost, what is the cost of goods sold for the July 14 sale? O A. $438 O B. $331 C. $432 D. $448

Answer rating: 100% (QA)

Last in first out LIFO as the name suggests is that method in which the most recent inventory purcha... View the full answer