Iliescu Sporting Goods had the following inventory records for one line of skis for the month of January:

- Refer to Exhibit 7-7. Assuming the perpetual LIFO inventory method is used, what is Iliescu's cost of goods sold?

Question

Iliescu Sporting Goods had the following inventory records for one line of skis for the month of January:

- Refer to Exhibit 7-7. Assuming the perpetual LIFO inventory method is used, what is Iliescu's cost of goods sold?

Quizplus · Accepted Answer

The perpetual LIFO method calculates the cost of goods sold based on the most recent inventory purchases. The specific calculation details from Exhibit 7-7 would determine the exact cost, but choice B is the correct answer based on the given options.

Iliescu Sporting Goods Had the Following Inventory Records for One