Klump Co. Klump Co.uses a perpetual inventory system and had the following inventory transactions for the month of June.

-Refer to the information provided for Klump Co.If the company uses the LIFO inventory costing method,cost of goods sold for the month of June is:

Question

Klump Co. Klump Co.uses a perpetual inventory system and had the following inventory transactions for the month of June.

-Refer to the information provided for Klump Co.If the company uses the LIFO inventory costing method,cost of goods sold for the month of June is:

Quizplus · Accepted Answer

Under the LIFO (Last-In, First-Out) method, the most recent inventory costs are used to calculate the cost of goods sold. The correct cost of goods sold for June using LIFO is $2,550.00.

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