Henri Company's Inventory Records Show the Following Data A Physical Inventory on December 31 Shows 3000 Units on Units

question 70

Multiple Choice

Henri Company's inventory records show the following data: $\begin{array}{llrr}&&\text { Units }&\text { Unit Cost }\\\text { Inventory,}&\text { January 1 } & 10,000 & \$ 9.20 \\\text { Purchases: } & \text { June } 18 & 9,000 & 8.00 \\&\text { November 8 } & 6,000 & 7.25\end{array}$

A physical inventory on December 31 shows 3000 units on hand. Henri sells the units for $12 each. The company has an effective tax rate of 20%. Henri uses the periodic inventory method. Under the LIFO method cost of goods sold is

• A) $29000.
• B) $179900.
• C) $179300.
• D) $178500.

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