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Tamarisk, Inc. has the following inventory data:

Nov. 1 Inventory 31 units @ $6.20 each
8 Purchase 125 units @ $6.70 each
17 Purchase 62 units @ $6.55 each
25 Purchase 94 units @ $6.90 each

A physical count of merchandise inventory on November 30 reveals that there are 104 units on hand. Cost of goods sold (rounded) under LIFO is

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Answer:

Cost of goods sold (rounded) under LIFO is $1.403

Explanation:

Date Q Cost U.Cost Sold Inventory Cost

nov-01 31 192,2 6,2               0 31                  0

nov-08 125 837,5 6,7            52 73                 348

nov-17 62 406,1 6,55           62 0                 406

nov-25 94 648,6 6,9             94 0                 649

         312                                        208 104                1403

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