Question 17 Classic Floors has the following inventory data: July 1 Beginning inventory 30 units...
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Accounting
Question 17
Classic Floors has the following inventory data:
July 1 Beginning inventory 30 units at $6.00
5 Purchases 120 units at $6.60
14 Sale 80 units
21 Purchases 60 units at $7.20
30 Sale 56 units
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
A. $696.00
B. $931.20
C. $1,404.00
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