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LIFO Perpetual Inventory

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Portey uses a perpetual inventory system and had the following inventory transactions for the month of June:

June 1 On hand, 100 units at $9.00 each $900.00
4 Purchased 120 units at $9.10 each $1,092.00
5 Sold 150 units
10 Purchased 100 units at $9.50 each $950.00
24 Sold 60 units
Total cost of goods available for sale $2,942.00
30 On hand, 110 units

Refer to the information provided for Portey. If Portey uses the LIFO inventory costing method, cost of goods sold for the month of June is...?

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Solution Summary

This solution illustrates how to compute a company's cost of goods sold if it uses the perpetual last-in, first-out method.

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