Portey Company
Portey uses a perpetual inventory system and had the following inventory transactions for the month of June.

- Refer to the information provided for Portey. If Portey uses the LIFO inventory costing method, cost of goods sold for the month of June is:

Question

Portey Company 
Portey uses a perpetual inventory system and had the following inventory transactions for the month of June.

-  Refer to the information provided for Portey. If Portey uses the LIFO inventory costing method, cost of goods sold for the month of June is:

Quizplus · Accepted Answer

Under the LIFO (Last-In, First-Out) method, the most recent inventory purchases are used to calculate the cost of goods sold. The correct answer is based on the assumption that the most recent inventory costs are used to calculate the cost of goods sold for June.

Portey Company Portey Uses a Perpetual Inventory System and Had the Following