Lionworks Enterprises Had the Following Inventory Data

question 121

Multiple Choice

Lionworks Enterprises had the following inventory data:
Assuming LIFO, what is the cost of goods sold for the July 14 sale?

• A)$451
• B)$416
• C)$472
• D)$531

---

Definitions:

Total Materials Cost

The sum of all costs associated with the raw materials used in the production of a product.

Equivalent Units

A measure used in cost accounting to express the amount of work done on partially finished goods as a proportion of finished goods.

Conversion Cost

The direct costs of converting raw materials into finished products, including labor and manufacturing overhead.

Total Materials Costs

The combined cost of direct materials and any indirect materials used in the manufacturing process.