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A company that uses the LIFO inventory cost method records the following purchases and sales for an accounting period:
Beginning inventory, July 1: $5,000, 10 units July 8: Purchase of $2,600 (5 units) July 12: Sale of $2,200 (4 units) July 15: Purchase of $2,800 (5 units) July 21: Sale of $1,680 (3 units) The company’s cost of goods sold using a perpetual inventory system is: A. $3,760. B. $3,780. C. $3,500. |