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What would the cost of goods sold on the income statement

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Reference no: EM132483316

Question - Refer to the following table:

Assume the following data for Smithsonian Company for 2005:

Beginning inventory 10 units at $70 each

March 18 sale 8 units

June 10 purchase 20 units at $80 each

October 30 sale 15 units

Under the perpetual LIFO method, what would the cost of goods sold on the income statement be?

a. $540

b. $1,186

c. $1,700

d. $1,760

Reference no: EM132483316

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