On July 1, Maxwell Company had 40 units of inventory at a cost of $6 per unit. July purchases and sales were as follows: The cost of goods sold during July was $272. Maxwell must use:
A) FIFO
B) LIFO perpetual
C) weighted average
D) LIFO periodic

Question

On July 1, Maxwell Company had 40 units of inventory at a cost of $6 per unit. July purchases and sales were as follows:  The cost of goods sold during July was $272. Maxwell must use:
A) FIFO 
B) LIFO perpetual 
C) weighted average 
D) LIFO periodic

Quizplus · Accepted Answer

The Answer of On July 1, Maxwell Company had 40 units of inventory at a cost of $6 per unit. July purchases and sales were as follows:  The cost of goods sold during July was $272. Maxwell must use:
A) FIFO 
B) LIFO perpetual 
C) weighted average 
D) LIFO periodic

On July 1, Maxwell Company Had 40 Units of Inventory