Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following Assuming Chase uses a LIFO cost flow method, the amount of cost of goods sold for the sales transaction on January 18 is:
A) $1,150.
B) $1,050.
C) $1,070.
D) $1,130.

Question

Chase Co. uses the perpetual inventory method. The inventory records for Chase reflected the following  Assuming Chase uses a LIFO cost flow method, the amount of cost of goods sold for the sales transaction on January 18 is:
A) $1,150. 
B) $1,050. 
C) $1,070. 
D) $1,130.

Quizplus · Accepted Answer

(400 × $2.10) + (100 × $2.30) = $1,070

Chase Co Uses the Perpetual Inventory Method