Use the following information for questions
The inventory records for Radford Co.reflected the following

-Determine the amount of cost of goods sold assuming the LIFO cost flow method.
A)$4,100
B)$4,320
C)$2,360
D)$3,600

Question

Use the following information for questions 
The inventory records for Radford Co.reflected the following
 
-Determine the amount of cost of goods sold assuming the LIFO cost flow method.
A)$4,100 
B)$4,320 
C)$2,360 
D)$3,600

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) assumes that the most recently purchased items are the first to be sold. In this case, the last 100 units purchased at $41 per unit would be sold first, resulting in a cost of goods sold of $4,100.

Use the Following Information for Questions