Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of cost of goods sold of Algo, using the LIFO assumption in a perpetual inventory system?
A) $2600
B) $2700
C) $2720
D) $1400

Question

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of cost of goods sold of Algo, using the LIFO assumption in a perpetual inventory system?
A) $2600 
B) $2700 
C) $2720 
D) $1400

Quizplus · Accepted Answer

The Answer of Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:

What was the value of cost of goods sold of Algo, using the LIFO assumption in a perpetual inventory system?
A) $2600 
B) $2700 
C) $2720 
D) $1400

Diligent Ltd Had 5 Units of the Commodity Algo on Hand