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Inventory records for Maya, Inc. revealed the following: Date Transaction Units Unit...

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Accounting

Inventory records for Maya, Inc. revealed the following:

Date Transaction Units Unit Cost Total Cost
July 1 Beginning inventory 5,000 $8.00 $40,000
July 13 Purchase 12,000 8.50 102,000
July 27 Purchase 18,000 9.00 162,000
Totals 35,000 $304,000

The company uses a periodic inventory system to report inventory and cost of goods sold. Sales for July (all at $10.00 per unit) totaled 27,000 units leaving 8,000 units on hand at the end of July.

Using the last-in, first-out method (LIFO), what is the companys cost of goods sold?

Group of answer choices

$232,000

$72,000

$238,500

$65,500

Answer & Explanation Solved by verified expert
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