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
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