A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases were made at the following costs January 1,2020 (Carried over from 2019) 20 unit at $10 January 25,2020 purchase 40 unit at $11 June 20, 2020 purchase 40 unit at $12 October 10, 2020 purchase 50 unit at $13 Assuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2020?

A company purchased merchandise to be resold at increasing costs during the year 2020. The purchases were made at the following costs January 1,2020 (Carried over from 2019) 20 unit at $10 January 25,2020 purchase 40 unit at $11 June 20, 2020 purchase 40 unit at $12 October 10, 2020 purchase 50 unit at $13 Assuming the LIFO periodic cost flow assumption, what will be the company's cost of goods sold for the 120 items sold in 2020?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter10: Inventory

Section: Chapter Questions

Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...

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January 1,2020 (Carried over from 2019)	20 unit at $10
January 25,2020 purchase	40 unit at $11
June 20, 2020 purchase	40 unit at $12
October 10, 2020 purchase	50 unit at $13