Roki Inc.uses the periodic inventory system. June $\begin{array}{rlr}
1 & \text { On hand, 50 units @ \$15.00 each } & \$ 750.00 \
5 & \text { Purchased 115 units @, \$15.10 each } & 1,736.50 \
14 & \text { Purchased 75 units @ \$15.20 each } & \underline{1,140.00} \
& \text { Total cost of goods available for sale } & \underline{\$ 3.626 .50}\
30&\text { On hand, } 90 \text { units }\
\end{array}$ ? If Roki uses the LIFO inventory method, the cost of goods sold for June would be

Question

Quizplus · Accepted Answer

Under the LIFO (Last-In, First-Out) method, the most recently purchased items are sold first. At the end of June, there are 90 units on hand. This means 150 units (240 units available for sale - 90 units on hand) were sold during June. Starting from the last purchase:- 75 units @ $15.20 = $1,140.00- 75 units from the purchase of 115 units @ $15.10 = $1,132.50Total cost of goods sold = $1,140.00 + $1,132.50 = $2,272.50.

Roki IncUses the Periodic Inventory System ? If Roki Uses the LIFO Inventory Method, the Cost