Units Unit Cost Total Cost Beginning Inventory 5 $ 10 $ 50 First Purchase 5 $ 12 $ 60 Second Purchase 5 $ 14 $ 70 Third Purchase 10 $ 16 $ 160 Under a Perpetual System and assuming LIFO, if a business sold 5 units on June 15, what is the cost of goods sold Assume no other sales occurred prior to June 15 $

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Question: Units Unit Cost Total Cost Beginning Inventory 5 $ 10 $ 50 First Purchase 5 $ 12 $ 60 Second Purchase 5 $ 14 $

	Units	Unit Cost	Total Cost
Beginning Inventory	5	$ 10	$ 50
First Purchase	5	$ 12	$ 60
Second Purchase	5	$ 14	$ 70
Third Purchase	10	$ 16	$ 160

Under a Perpetual System and assuming LIFO, if a business sold 5 units on June 15, what is the cost of goods sold? Assume no other sales occurred prior to June 15. $_______?

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