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Piper Pipes has the following inventory data: July 1 Beginning inventory 20 units at $120 5 Purchases 120 units at $112 14 Sale 80 units 21 Purchases 60 units at $115 30 Sale 56 units Assuming that a periodic inventory system is used, what is the cost of goods sold on a LIFO basis? Group of answer choices $15,412. $7,348 $15,392. $7,328

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abiolataiwo2015

Answer:

$15,412

Explanation:

(60 x 115) + [(80 + 56 - 60) x 112]

6,900 + (76 x 112)

$6,900 + $8,512

= $15,412

Therefore the cost of goods sold on a LIFO basis will be $15,412

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