What is the amount of cost of goods sold assuming the LIFO cost flow method?

• 
  Multiple choice
• 
  

• $20,700

• $21,130

• $19,800

• $21,600

• Super Shop had revenue of $209,500 cost of goods sold totaling $102,410 during 2020. The company started the year with $17,000 in inventory and finished the year with $29,000 in inventory. On average, how many days does it take Super Shop to sell through their inventory?

  Multiple Choice

  • 82 days

  • 4 days

  • 61 days

  • 40 days

Transcribed Image Text:

Beginning inventory @ May 1 1,400 units @ $4.40 First purchase @ May 7 1,500 units @ S4.60 Second purchase @ May 17 1,700 units @ $4.70 Third purchase @ May 23 1,300 units @ $4.80 Sales @ May 31 4,500 units @ $6.30 Beginning inventory @ May 1 1,400 units @ $4.40 First purchase @ May 7 1,500 units @ S4.60 Second purchase @ May 17 1,700 units @ $4.70 Third purchase @ May 23 1,300 units @ $4.80 Sales @ May 31 4,500 units @ $6.30

Answer rating: 100% (QA)

Answers 1 21130 2 82 Days LIFO Method Cost of Goods Sold is allocated from the L... View the full answer