Use the following inventory information for the month of July to answer questions :
A physical count of inventory on July 30 reveals that there are 35 units on hand.
-Using the LIFO inventory method, the amount allocated to cost of sales for July is:
A) $680.
B) $720.
C) $1,280.
D) $1,320.

Question

Use the following inventory information for the month of July to answer questions :
  A physical count of inventory on July 30 reveals that there are 35 units on hand.
-Using the LIFO inventory method, the amount allocated to cost of sales for July is:
A) $680. 
B) $720. 
C) $1,280. 
D) $1,320.

Quizplus · Accepted Answer

Under LIFO the cost of the 65 units sold is: (10 x $22) + (55 x $20) = $1,320.

Use the Following Inventory Information for the Month of July