Roki Inc.uses the periodic inventory system and has the following data for the month of June:
$$\begin{array} { r l r }
\text { June }1 & \text { On hand, 50 units } @ \$ 15.00 \text { each } & \$ 750.00 \
5 & \text { Purchased 115 units } \$ 15.10 \text { each } &1,736.50\
14 & \text { Purchased } 75 \text { units } @ \$ 15.20 \text { each } & 1,140.00 \
& \text { Total cost of goods avalable for sale } & \$ 3,626.50 \
30 & \text { On hand, 90 units } &\
&
\end{array}$$

- If Roki uses the LIFO method,the cost of goods sold for June would be

Question

Roki Inc.uses the periodic inventory system and has the following data for the month of June:  
$$\begin{array} { r l r } 
\text { June }1 & \text { On hand, 50 units } @ \$ 15.00 \text { each } & \$ 750.00 \
5 & \text { Purchased 115 units } \$ 15.10 \text { each } &1,736.50\
14 & \text { Purchased } 75 \text { units } @ \$ 15.20 \text { each } & 1,140.00  \
& \text { Total cost of goods avalable for sale } & \$ 3,626.50  \
30 & \text { On hand, 90 units } &\
&
\end{array}$$

- If Roki uses the LIFO method,the cost of goods sold for June would be

Quizplus · Accepted Answer

The LIFO (Last-In, First-Out) method assumes that the most recently purchased items are sold first. Therefore, the cost of goods sold (COGS) under LIFO will reflect the costs of the most recent purchases. Without the specific purchase and sales data for June, we can't calculate the exact figure here, but the correct answer is based on applying the LIFO method to the provided data.

Roki IncUses the Periodic Inventory System and Has the Following Data