The following information pertains to Julia & Company: March 1 Beginning inventory = 30 units @ $5
March 3 Purchased 15 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

Using the LIFO method, the cost of goods sold would be calculated using the cost of the most recent units sold. Therefore, the cost of goods sold would be calculated as (25 units at $4) + (5 units at $5) = $110.

The Following Information Pertains to Julia & Company: March 1