A company purchased 200 units for $30 each on 31 January.It purchased 125 units for $40 on 28 February.It sold 175 units for $55 each from 1 March to 31 December. If the company uses the last-in,first-out inventory costing method,what is the amount of cost of sales on the income statement for the year ending 31 December? (Assume that the company uses a perpetual inventory system. )

Question

Quizplus · Accepted Answer

The Answer of A company purchased 200 units for $30 each on 31 January.It purchased 125 units for $40 on 28 February.It sold 175 units for $55 each from 1 March to 31 December. If the company uses the last-in,first-out inventory costing method,what is the amount of cost of sales on the income statement for the year ending 31 December? (Assume that the company uses a perpetual inventory system. )

A Company Purchased 200 Units for $30 Each on 31