Share,Inc
the Following Data Is Available for One of the Products

question 169

Essay

Share,Inc.
The following data is available for one of the products sold by Share,Inc. ,which uses a perpetual inventory system.
May 1 $\quad$ On hand, 10 units $@ \$ 2$ each
8 $\quad$ Sold 6 units@$10 each
14 $\quad$ Purchased 30 units $@ \$ 3$ each
23 $\quad$ Sold 24 units $@ \$ 10$ each

-Refer to the data for Share,Inc.
If the LIFO method is used,how much is cost of goods sold for May?

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Definitions:

Inorganic Substance

A chemical compound that lacks carbon-hydrogen bonds, typical of non-living systems, such as minerals and metals.

Iodide Ions

Negatively charged ions of iodine, essential for thyroid gland function and hormone production.

Calcium Ions

Electrically charged calcium atoms that play a crucial role in various cellular processes including muscle contraction, neurotransmission, and enzyme activity.

Acid

A substance that donates hydrogen ions or protons and accepts electrons, often associated with a sour taste and capable of turning blue litmus paper red.