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Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of...

Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 2016: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $1,800.00 C. $5,305.75 D. $6,157.50 E. None of the above

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Answer #1

Units sold = (130+200+50+110) - 120 = 370 units

Cost of Goods Sold under lifo

= (110*15.75) + (50*13.50) + (200*18) + (10*15)

= 6157.50

Option D is the y

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