Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.June

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

Question

Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June.June
 
-Refer to the information provided for Klump Co. If the company 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) inventory costing method, the most recent costs are assigned to the cost of goods sold. Given the information, the calculation would prioritize the latest inventory costs, leading to the correct answer for the cost of goods sold being $2,550.00.

Klump Co Uses a Perpetual Inventory System and Had the Following