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Using the LIFO method, if a company has inventory costs of $20, $25, and $30, an
Using the LIFO method, if a company has inventory costs of $20, $25, and $30, and sells 2 units, what is the cost of goods sold?
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Practice Questions
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Q1
Using the LIFO method, if a company has inventory costs of $20, $25, and $30, and sells 2 units, what is the cost of goods sold?
$45
$50
$55
$60
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Under LIFO, the cost of goods sold for the last 2 units sold is $30 + $25 = $55.
Questions & Step-by-step Solutions
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Q: Using the LIFO method, if a company has inventory costs of $20, $25, and $30, and sells 2 units, what is the cost of goods sold?
Solution:
Under LIFO, the cost of goods sold for the last 2 units sold is $30 + $25 = $55.
Steps: 5
Show Steps
Step 1: Understand that LIFO stands for 'Last In, First Out'. This means that the last items added to inventory are the first ones to be sold.
Step 2: Identify the inventory costs. In this case, the costs are $20, $25, and $30.
Step 3: Since we are selling 2 units, we will take the last two costs from the inventory list.
Step 4: The last cost is $30 (the most recent item), and the second last cost is $25.
Step 5: Add these two costs together to find the total cost of goods sold: $30 + $25 = $55.
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