Abbott Inc.began the year with 750 units of inventory valued at $20 each under LIFO.During the first quarter, 300 units were purchased at $25 each and another 250 units were purchased at $28 each.Assume that 200 units are on hand at the end of the first quarter and that the current replacement cost is $30 per unit.
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Required:
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If Abbott plans to have 500 units on hand at year end, determine the cost of goods sold for the first quarter.

Question

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The Answer of Abbott Inc.began the year with 750 units of inventory valued at $20 each under LIFO.During the first quarter, 300 units were purchased at $25 each and another 250 units were purchased at $28 each.Assume that 200 units are on hand at the end of the first quarter and that the current replacement cost is $30 per unit.
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Required:
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If Abbott plans to have 500 units on hand at year end, determine the cost of goods sold for the first quarter.