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Find what amount should ultra report as cost of goods sold

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Reference no: EM132959310

Ultra Co. uses a periodic inventory system. The following are inventory transactions for the month of January:

1/1Beginning inventory20,000 units at $13

1/20Purchase30,000 units at $15

1/23Purchase40,000 units at $17

1/31Sales at $20 per unit50,000 units

Problem 1: Ultra uses the LIFO method to determine the value of its inventory. What amount should Ultra report as cost of goods sold on its income statement for the month of January?

Option 1: $830,000

Option 2: $710,000

Option 3: $750,000

Option 4: $1,000,000

Reference no: EM132959310

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