Gregor Inc

question 56

Short Answer

Gregor Inc. uses the LIFO cost-flow assumption to value inventory. Inventory for Gregor on January 1, 2013 was 100 units at a LIFO cost of $25 per unit. During the first quarter of 2013, 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, 2013?

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