La Grange, Inc. reported sales of $1,200 in October and a gross profit of $370. The company had an October 1 inventory of 60 units that had a total cost of $300. October purchases and sales were as follows: La Grange, Inc., must use
A) LIFO perpetual
B) FIFO
C) weighted average
D) LIFO periodic

Question

La Grange, Inc. reported sales of $1,200 in October and a gross profit of $370. The company had an October 1 inventory of 60 units that had a total cost of $300. October purchases and sales were as follows:  La Grange, Inc., must use
A) LIFO perpetual 
B) FIFO 
C) weighted average 
D) LIFO periodic

Quizplus · Accepted Answer

The Answer of La Grange, Inc. reported sales of $1,200 in October and a gross profit of $370. The company had an October 1 inventory of 60 units that had a total cost of $300. October purchases and sales were as follows:  La Grange, Inc., must use
A) LIFO perpetual 
B) FIFO 
C) weighted average 
D) LIFO periodic