Use this information to answer the following question.
A periodic inventory system is used.
-Using LIFO,cost of goods sold is
A)$3,480.
B)$8,928.
C)$2,664.
D)$8,112.

Question

Use this information to answer the following question.  
A periodic inventory system is used.
-Using LIFO,cost of goods sold is
A)$3,480. 
B)$8,928. 
C)$2,664. 
D)$8,112.

Quizplus · Accepted Answer

LIFO (Last In, First Out) assumes that the most recently purchased items are sold first. To calculate the cost of goods sold using LIFO, you need to know the cost of the most recent inventory purchases and the number of units sold. Without specific inventory data, the choice B is assumed to be correct based on the context provided.

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