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Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of...

Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases: 720 units at $68 each and 360 units at $70 each. Chess Top also sold 1200 units during the month. Using the LIFO method, what is the amount of cost of goods sold for the month?

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Answer #1

Answer:$81,960

Explanation:

Periodic: LIFO units unit cost Total cost Beginning inventory 480 65.00 31200 Purchase 1 7201 68.00 48960 Purchase 2 360 70.0

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