Warren Clothing Store sells jeans. During January, its inventory records of one brand of designer jeans were as follows:

- Refer to Exhibit 7-5. Using the information above, periodic LIFO cost of goods sold is

Question

Warren Clothing Store sells jeans. During January, its inventory records of one brand of designer jeans were as follows:

- Refer to Exhibit 7-5. Using the information above, periodic LIFO cost of goods sold is

Quizplus · Accepted Answer

The periodic LIFO method calculates cost of goods sold using the most recent inventory costs first. Based on the information provided, the cost of goods sold is $430.

Warren Clothing Store Sells Jeans