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Massachusetts Institute Of Technology Operations And Supply Chain Management Assignment Help - perch company


Question - 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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