Question 254 pts Lawrence owns a small candy store that sells one type of candy....
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Accounting
Question 254 pts
Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year:
| March 1 | 10,000 boxes at $1.60 | $16,000 |
| August 15 | 20,000 boxes at $1.70 | 34,000 |
| November 20 | 10,000 boxes at $1.80 | 18,000 |
At the end of the year, Lawrences inventory consisted of 15,000 boxes of candy.
- Calculate Lawrences cost of goods sold using the LIFO inventory valuation method.
|
| |
| Cost of goods sold | $ |
Here is an example of how your answer should look: $13,690
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