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Arizona Sells Toys If Arizona Uses a Periodic System with a LIFO Cost

Question 1

Multiple Choice

Arizona sells toys.At the beginning of April 100 trains 168H were on hand for which the firm had paid $10 each.Purchases and sales for the month were:  Date Purchases Unit Cost Sales  units  units  Apri1 3 120$1110150$1229180\begin{array}{rll}\text { Date }&\text {Purchases}&\text { Unit Cost }&\text {Sales }\\&\text { units }&\text { units }\\\text { Apri1 3 } & 120 & \$ 11 \\10 & 150 & \$ 12 \\29 &&&180\end{array} If Arizona uses a periodic system with a LIFO cost flow assumption April's cost of sales for the 168H trains is:


A) $2130
B) $2160
C) $2020
D) $1880

Correct Answer:

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