Inventory records for Maya, Inc. revealed the following: Date Transaction Units Unit...
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Accounting
Inventory records for Maya, Inc. revealed the following:
Date
Transaction
Units
Unit Cost
Total Cost
July 1
Beginning inventory
5,000
$8.00
$40,000
July 13
Purchase
12,000
8.50
102,000
July 27
Purchase
18,000
9.00
162,000
Totals
35,000
$304,000
The company uses a periodic inventory system to report inventory and cost of goods sold. Sales for July (all at $10.00 per unit) totaled 27,000 units leaving 8,000 units on hand at the end of July.
Using the last-in, first-out method (LIFO), what is the companys cost of goods sold?
Group of answer choices
$232,000
$72,000
$238,500
$65,500
Answer & Explanation
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