Use This Information to Answer the Following Question A Periodic Inventory System Is Used; Ending Inventory Is 147

question 116

Multiple Choice

Use this information to answer the following question. $$\begin{array} { l l } \text { Beginning inventory } & \text { 100 units@\$8.00 } \\\text { purchase-Oct. } & \text { 200 units \$6.00 } \\\text { purchase-Dec. } & \text { 100 units@\$12.00 }\end{array}$$ A periodic inventory system is used; ending inventory is 147 units.
What is cost of goods sold under LIFO?

• A) $1,118
• B) $3,118
• C) $2,118
• D) $4,118

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Definitions:

Gross Profit Ratio

A financial metric that indicates the portion of sales revenue exceeding the cost of goods sold, expressed as a percentage.