Jackson State University ACC 545Final Exam .

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QUESTION 6 Correct 4.00 points out of 4.00 Aiello, Inc. had the following inventory in fiscal 2016. The company uses the LIFO method of accounting for inventory. Beginning Inventory, January 1, 201... 6: 130 units @ $15.00 Purchase 200 units @ $18.00 Purchase 50 units @ $13.50 Purchase 110 units @ $15.75 Ending Inventory, December 31, 2016: 120 units The company’s cost of goods sold for fiscal 2016 is: Select one: A. $6,090.00 B. $1,800.00 C. $5,305.75 D. $6,157.50 E. None of the above Rationale: Costs of goods available for sale* $ 7,957.50 Less Ending Inventory (120 units @ $15) 1,800.00 Cost of goods sold $ 6,157.50 *Cost of goods available for sale: (130 units × $15) + (200 units × $18) + (50 units × $13.50) + (110 units × $15.75) = $7,957.50 [Show More]

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