During an accounting period a company had the following sequence of transactions: Beginning inventory is zero. The company purchased 500 units at $15. The company purchased 600 units at $16. The company sold 400 units at $18. The company sold 550 units at $ 20. Cost of goods sold (COGS) using last-in first-out (LIFO) inventory accounting and ending inventory using first-in first-out (FIFO) are closest to: LIFO COGS FIFO ending inventory ①A. $14700 $ 2400 ②B. $14 700 $ 3350 ③C. $14850 $ 2400
A．
| A. ① |
B．
| B. ② |
C．
| C. ③ |
参考答案：C
解析：LIFO COGS : Sold 950 units 600×$16= $9600 350×$15= $5250 COGS $14850 FIFO ending inventory: Beginning Inventory 0 Purchases 11 00 Total Inventory 1100 Sales - 950 Ending Inventory 150 150 × $16 $ 2400
