A Company Had 14 Units of Inventory at a Cost

question 24

Multiple Choice

A company had 14 units of inventory at a cost of $18 each on July 1. On July 2, the company purchased 19 units at $19 each. On July 6, the company purchased 15 units at $20 each. On July 8, the company sold 36 units for $63 each. Given this information, determine the cost of the 36 units sold using the LIFO periodic inventory method.

• A)$673
• B)$697
• C)$720
• D)$772
• E)$949

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