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2 April, 23:14

Lionworks Enterprises had the following inventory dа ta:

Date Quantity Unit Cost

July 1 Beginning Inventory 5, $52

July 4 Purchase 10 $55

July 7 Sale 12 July 11

Purchase 9 $58

July 14 Sale 8

Assuming LIFO and perpetual inventory, what is the cost of goods sold for the July 7 sale?

a. $654

b.$645

c.$660

d.$648

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Answers (1)
  1. 2 April, 23:28
    0
    The correct answer is a. $654

    Explanation:

    In order to calculate LIFO, which means last in first out, you have to determine the cost of your most recent inventory and multiply it by the amount of inventory sold.

    In this case, the sale that was made on July 7 include 10 units purchased on July 4 and 2 units from July 1 which was the beginning inventory.

    The cost of goods for the July 7 sale = (10 units * $55) + (2 units * $52) = $654
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Home » Business » Lionworks Enterprises had the following inventory dа ta: Date Quantity Unit Cost July 1 Beginning Inventory 5, $52 July 4 Purchase 10 $55 July 7 Sale 12 July 11 Purchase 9 $58 July 14 Sale 8 Assuming LIFO and perpetual inventory, what is the
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