Multiple Choice Question 182 Whispering Winds Corp. has the following inventory data: July 1 Beginning inventory...

Question

Question

Multiple Choice Question 182

Whispering Winds Corp. has the following inventory data:

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?

business accounting

Answer 1

Answer #1

Cost of Goods sold Using FIFO Perpetual = $751.80 or $752

Working

FIFO
Total Units Available for sale		193
Units Sold		126
Ending Inventory Units		67

Valuation
Ending Inventory	55	@	$ 6.60	$ 363.00
	12	@	$ 6.10	$ 73.20
Value Of Ending Inventory				$ 436.20

Cost of Goods sold	(1180-436.20)			$ 751.80

Answer 2

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