The following information pertains to Julia & Company: March 1 Beginning inventory $= 30$ units $@ \$ 5$
March 3 Purchased15 units @ \$4
March 9 Sold 25 units $@ \$ 8$ What is the cost of goods sold for Julia & Company assuming it uses LIFO?

Question

Quizplus · Accepted Answer

Under LIFO, the last items purchased are the first to be sold. Therefore, the cost of goods sold includes 15 units at $4 (from March 3 purchase) and 10 units at $5 (from beginning inventory), totaling $110.

The Following Information Pertains to Julia & Company: March 1 =30= 30=30

The Following Information Pertains to Julia & Company: March 1 $= 30$