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Convisor Company has a perpetual inventory system and uses the LIFO method of inventory costing. Convisor reported the following events during the month of June:

-The cost of goods sold for the June 21st sale is:
A)$1,260
B)$1,080
C)$1,065
D)$ 990

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Use the following to answer questions 
Convisor Company has a perpetual inventory system and uses the LIFO method of inventory costing. Convisor reported the following events during the month of June:
 
-The cost of goods sold for the June 21st sale is:
A)$1,260 
B)$1,080 
C)$1,065 
D)$ 990

Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated based on the inventory costing method used (e.g., FIFO, LIFO, or average cost). Without additional context or data, it's assumed that $1,065 is the correct COGS for the June 21st sale.

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