perch company reported the following purchases and sales for its only product. Perch uses a...
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perch company reported the following purchases and sales for its only product. Perch uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 150 units @ $10.00 May 5 Purchase 220 units @ $12.00 May 10 Sales 140 units @ $20.00 May 15 Purchase 100 units @ $13.00 May 24 Saled 150 units @ $21.00 Answers: A. $2,260 B. $3,180 C. $1,860 D. $3,580 E. $21,000
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