Question

In: Accounting

LIFO METHOD

Month Amount Price Paid
Nov 7 100 books $18.00 per
Nov 21 100 books $18.00 per
Nov 28 125 books $18.25 per
Dec 4 150 books $18.50 per
Dec 7 150 books $19.25 per
Dec 15 150 books $20.00 per

Solutions

Expert Solution

Cost of Goods Sold Calculation

150 books x $20.00: $3,000.00 (using Dec 15 cost)
150 books x $19.25: $2887.50 (using Dec 7 cost)
150 books x $18.50: $2775.00 (using Dec 4 cost)
COGS Total: $8662.50

THEREFORE COST OF GOOD SOLD IS $8662.50

TOTAL COST OF GOOD SOLD (COGS) : $8662.50

Aman Yadav answered 2 years ago
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