Assume Jones Manufacturing begins January with 10 units of inventory that cost $10 each. During January, the following purchases and goods sold were: Jan 5 Purchased 8 units at $11 7 Sold 11 units 15 30 Sold 15 units Purchased 6 units at $12 Using the LIFO inventory costing method and the perpetual system, how much is Costs of Goods Sold for the sale of January 7? $111 $118 $188 $110 I DON'T KNOW YET

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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Assume Jones Manufacturing begins January with 10 units of inventory that cost $10
each. During January, the following purchases and goods sold were:
Jan 5 Purchased 8 units at $11
7 Sold 11 units
15
30 Sold 15 units
Purchased 6 units at $12
Using the LIFO inventory costing method and the perpetual system, how much is Costs
of Goods Sold for the sale of January 7?
OO
O
$111
$118
$188
$110
I DON'T KNOW YET
Transcribed Image Text:Assume Jones Manufacturing begins January with 10 units of inventory that cost $10 each. During January, the following purchases and goods sold were: Jan 5 Purchased 8 units at $11 7 Sold 11 units 15 30 Sold 15 units Purchased 6 units at $12 Using the LIFO inventory costing method and the perpetual system, how much is Costs of Goods Sold for the sale of January 7? OO O $111 $118 $188 $110 I DON'T KNOW YET
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