Solution-Calculate using LIFO the Cost of Goods Sold

Calculate using LIFO the Cost of Goods Sold

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Reference no: EM132527787

Question - Monica Shoe Retail Store

Jan. 1, 2018 beginning merchandise inventory 9,400 shoes at $35 each

Jan. 13 2018 Purchased merchandise inventory 3,000 shoes at $38 each

Jan. 18 2018 Purchased merchandise inventory 7,000 shoes at $40 each

Jan. 26 2018 Purchased merchandise inventory 6,000 shoes at $43 each

During the January 2018 month we sold 18,000 shoes for $130 each.

Required -

1 - Calculate using LIFO the Cost of Goods Sold?

2 - What was the Gross Profit?

Reference no: EM132527787

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Calculate using LIFO the Cost of Goods Sold

Reference no: EM132527787

Reference no: EM132527787

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