The following information pertains to Julia & Company:   March   1   Beginning inventory = 31 units @ $5.50 March   3   Purchased 16 units @ 4.00 March   9   Sold 27 units @ 8.60    What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)   Multiple Choice   $125.   $149.   $114.   $108.

Individual Income Taxes
43rd Edition
ISBN:9780357109731
Author:Hoffman
Publisher:Hoffman
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 67P
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The following information pertains to Julia & Company:
 

March   1   Beginning inventory = 31 units @ $5.50
March   3   Purchased 16 units @ 4.00
March   9   Sold 27 units @ 8.60

  
What is the cost of goods sold for Julia & Company assuming it uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)

 

Multiple Choice
  •  
    $125.
  •  
    $149.
  •  
    $114.
  •  
    $108.
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