RJ Corporation has provided the following information about one of its inventory items: During the year,RJ sold 3,000 units.
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What was cost of goods sold using the LIFO cost flow assumption?
A)$11,680,000.
B)$11,590,000.
C)$11,480,000.
D)$11,550,000.

Question

RJ Corporation has provided the following information about one of its inventory items:  During the year,RJ sold 3,000 units.
-
What was cost of goods sold using the LIFO cost flow assumption?
A)$11,680,000. 
B)$11,590,000. 
C)$11,480,000. 
D)$11,550,000.

Quizplus · Accepted Answer

The LIFO (Last-In, First-Out) cost flow assumption results in the most recent inventory costs being used to calculate the cost of goods sold. Therefore, the cost of goods sold would be $11,680,000.

RJ Corporation Has Provided the Following Information About One of Its