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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