A company purchased 400 units for $30 each on January 31. It purchased 95 units for $40 each on February 28. It sold 150 units for $55 each from March 1 through December 31
If the company uses the last-in, first-out inventory costing method, what is the amount of Cost of Goods Sold on the income statement for the year ending December 31? (Assume that the company uses a perpetual inventory system.)
A) $5,450
B) $3,800
C) $12,000
D) $15,800
A .Number of units sold = 150 units of which 95 units were purchased on Feb. 28 at $40 per unit and 55 units were purchased on Jan. 31 at $30 per unit.
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