Stallworth Corp. uses a periodic inventory system. The following information is available for the month of November:

-Refer to the information provided for Stallworth Corp. If the company uses the LIFO inventory costing method, the cost of goods sold for November would be

Question

Stallworth Corp. uses a periodic inventory system. The following information is available for the month of November:
 
-Refer to the information provided for Stallworth Corp. If the company uses the LIFO inventory costing method, the cost of goods sold for November would be

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. Therefore, the cost of goods sold would be based on the most recent inventory costs, leading to the amount of $2,121.50.