Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1: 195 units @ $15.00 Purchase 300 units @ $18.00 Purchase 75 units @ $13.50 Purchase 165 units @ $15.75 Ending Inventory, December 31: 180 units The company’s cost of goods sold for its fiscal year is: Select one: a. $7,958.63
Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1: 195 units @ $15.00 Purchase 300 units @ $18.00 Purchase 75 units @ $13.50 Purchase 165 units @ $15.75 Ending Inventory, December 31: 180 units The company’s cost of goods sold for its fiscal year is: Select one: a. $7,958.63
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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Aiello, Inc. had the following inventory in its fiscal year. The company uses the LIFO method of accounting for inventory.
Beginning Inventory, January 1: | 195 | units @ $15.00 |
Purchase | 300 | units @ $18.00 |
Purchase | 75 | units @ $13.50 |
Purchase | 165 | units @ $15.75 |
Ending Inventory, December 31: | 180 | units |
The company’s cost of goods sold for its fiscal year is:
Select one:
a. $7,958.63
b. $2,700.00
c. $9,236.25
d. None of these are correct.
e. $9,135.00
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