Your friend from Maui Co. was super interested in understanding what COGS would be if...
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Accounting
Your friend from Maui Co. was super interested in understanding what COGS would be if they were to use LIFO instead.
The same scenario still applies as in the above question, but is repeated below for your convenience:
Your friend started the year with a beginning balance in inventory of 100 units (cost of $50/unit). On January 15, they purchased 75 more units (cost of $40/unit) and on January 25, they purchased 65 more units (cost of $45/unit). Finally, on January 28, they purchased 25 more units (cost of $35/unit). During January, they sold 185 units.
Calculate COGS for the month of January using LIFO.
Fill in the blank (important: please do not use commas, decimals, or dollar signs i.e., please just type your number answer, e.g., 5500).
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