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King Costume uses a periodic inventory system. The company started the month with 7 masks...

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Accounting

King Costume uses a periodic inventory system. The company started the month with 7 masks in its beginning inventory that cost $8 each. During the month, King Costume purchased 56 additional masks for $10 each. At the end of the month, King counted its inventory and found that 4 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:

Multiple Choice

  • $584.

  • $590.

  • $32.

  • $576.

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