Question

Fitcher Industries had the following inventory transactions occur during 2012: Units Cost/unit Feb. 1, 2012 Purchase 18 $45 Mar. 14, 2012 Purchase 31 $47 May 1, 2012 Purchase 22 $49 The company sold 51 units at $63. What is the company's cost of goods sold using LIFO? (rounded to whole dollars)

Answer 1

What is the company's cost of goods sold using LIFO?

$2365

Step-by-step explanation:

Purchases_______71

Final Inventory___80

Sell units _______51___63

FIFO Purc.U.cost Sell Units Cost Final inv. Final Inv.cost

feb-01 18 45 18 810 0 0

mar-01 31 47 31 1457 0 0

may-01 22 49 2 98 20 980

Sell units

51 2365 20 980