ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units Cost per Unit Total Cost S-3 May 12 30 11.00 330 S-4 May 25 60 10.75 645 S-5 June 1 50 10.50 525 What amount of COGS should ABC record for the June 3 sale if it uses the LIFO (last-in, first-out) method? $787.50
ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units Cost per Unit Total Cost S-3 May 12 30 11.00 330 S-4 May 25 60 10.75 645 S-5 June 1 50 10.50 525 What amount of COGS should ABC record for the June 3 sale if it uses the LIFO (last-in, first-out) method? $787.50
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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