Question

Quiet Phones Company has the following inventory data: July 1 Beginning inventory 30 units at $19 $ 570 7 Purchases 105 units at $20 2,100 22 Purchases 15 units at $22 330 $3,000 A physical count of merchandise inventory on July 30 reveals that there are 48 units on hand. Using the LIFO inventory method, the amount allocated to cost of goods sold for July is Group of answer choices $2,010. $990. $930. $2,070.

Answer 1

$2070.-

Step-by-step explanation:

The LIFO method is the short for: the last in, first out.

Is used to place an accounting value of the inventory, it operates under the assumption that the last item of inventory purchased or maked is the first to be sold, (except in agricultural products)