A company purchased 400 units for $30 each on January 31.It purchased 95 units for $40 each on February 28.It sold 150 units for $55 each from March 1 through December 31.If the company uses the last-in,first-out inventory costing method,what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system. )

Question

Quizplus · Accepted Answer

11ea86d6_821e_eea0_92b6_83f175561d42_TB2804_00 Number of units sold = 150 units of which 95 units were purchased on Feb.28 at $40 per unit and 55 units were purchased on Jan.31 at $30 per unit.
 11ea86d6_821f_15b1_92b6_69632eb39bab_TB2804_00

A Company Purchased 400 Units for $30 Each on January