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ABC's inventory records show the following data at January 31: Beginning inventory Jan. 1/100 units at $7 per unit Jan. 10 purchase 310 units at $12 per unit Jan. 22 purchase 120 units at $13 per unit At January 31, 190 units are still on hand. What is the cost goods sold for January if ABC uses the LIFO method? O$1780 O $1330 $2470 $4200

ABC's inventory records show the following data at January 31: Beginning inventory Jan. 1/100 units at $7 per unit Jan. 10 purchase 310 units at $12 per unit Jan. 22 purchase 120 units at $13 per unit At January 31, 190 units are still on hand. What is the cost goods sold for January if ABC uses the LIFO method? O$1780 O $1330 $2470 $4200

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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ABC's inventory records show the following data at January 31: Beginning inventory Jan. 1/100 units at $7 per unit Jan. 10 purchase 310 units at $12 per unit Jan. 22 purchase 120 units at $13 per unit At January 31, 190 units are still on hand. What is the cost goods sold for January if ABC uses the LIFO method? $1780 O $1330 $2470 $4200
Transcribed Image Text:ABC's inventory records show the following data at January 31: Beginning inventory Jan. 1/100 units at $7 per unit Jan. 10 purchase 310 units at $12 per unit Jan. 22 purchase 120 units at $13 per unit At January 31, 190 units are still on hand. What is the cost goods sold for January if ABC uses the LIFO method? $1780 O $1330 $2470 $4200
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