Financial Accounting > EXAM > Jackson State University ACC 545Final Exam . (All)
Jackson State University ACC 545Final Exam .
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QUESTION 6 Correct 4.00 points out of 4.00 Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 201 ... 6: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $1,800.00 C. $5,305.75 D. $6,157.50 E. None of the above Rationale: Costs of goods available for sale* $ 7,957.50 Less Ending Inventory (120 units @ $15) 1,800.00 Cost of goods sold $ 6,157.50 *Cost of goods available for sale: (130 units × $15) + (200 units × $18) + (50 units × $13.50) + (110 units × $15.75) = $7,957.50 [Show More]
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