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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Definitions:

Income

Payment obtained, regularly, for services rendered or from capital investments.

Preferences

In economics, refers to the subjective tastes and desires of consumers that influence their choices and demands.

Demand

The desire coupled with the purchasing power for specific goods or services in a given economic marketplace.

Income

Money received on a regular basis from work, investments, business, etc., used to fund a person’s living expenses.