La Brea, Inc La Brea, Inc

question 63

Multiple Choice

La Brea, Inc.reported sales of $1, 200 in May and a gross profit of $370.The company had a May 1 inventory of 60 units that had a total cost of $300.May purchases and sales were as follows: $\begin{array}{llll}&\text { Purchases }&&\text { Sales }\\ \text { May } 7 & 40 \text { units } @ \$ 6 & \text { May } 2 & 20 \text { unit } \\10 & 20 \text { units } @ \$ 7 & 8 & 40 \text { units } \\18 & 40 \text { units } @ \$ 8 & 12 & 10 \text { unit } \\24 & 20 \text { units } @ \$ 9 & 20 & 20 \text { unit } \\28 & 20 \text { units } @ \$ 10 & 26 & 30 \text { unit }\end{array}$
La Brea, Inc., must use

• A)LIFO perpetual
• B)FIFO
• C)weighted average
• D)LIFO periodic

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Definitions:

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