Secune https//www ACCT-130-45: Financial Accounting Summer 2018 (2018U7B) Test:

Question

Secune https//www ACCT-130-45: Financial Accounting Summer 2018 (2018U7B) Test: Week 4: Midterm test on Chapters 1-6 Time Remaining: 02 21 02 Submit Test This Question: 1 pt 24 of 26 (0 compere) ? This Test: 26 pls possible Leading Edge Frame Shop wants to know the ofect of different inventory cedting methodsoninnacial statements Inventory and purchaces data for June follow Uaits Unit CostTotal Cost 2400 800 43,200 1500 s183 1.800) J 1 Beginning inventory 4 Purchase 9 Sale 27,450 ELeading Edge Frame Shop uses te UFO mehed 00etofgoodo aoldw? be O A. $27,45 B. 532.850 OC. $32700 O D. 532.400 Click to select your answer DeLL

Explanation / Answer

Correct answer is B. $32,850

Cost of goods sold on LIFO basis is $32,850 as calculated below:

Sales = 1800 units

(a) 1,500 units @ $18.30 = $ 27,450

(b) 300 units @ $18.00 = $ 5,400

(a) + (b) Total Cost of goods sold = $ 32,850

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.