REFERENCE: Ref.08_13 Gregor,Inc. ,Uses the LIFO Cost-Flow Assumption to Value Inventory.Inventory for Inventory.Inventory

question 59

Essay

REFERENCE: Ref.08_13
Gregor,Inc. ,uses the LIFO cost-flow assumption to value inventory.Inventory for Gregor on January 1,2008 was 100 units at a LIFO cost of $25 per unit.During the first quarter of 2008,200 units were purchased costing an average of $40 per unit,and sales of 265 units at a retail price of $50 per unit were made.
-Assuming Gregor does not expect to replace the units of beginning inventory sold,what is the amount of cost of goods sold for the quarter ended March 31,2008?

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