Question - Lionworks Enterprises had the following inventory data:
|
Date
|
|
Quantity
|
Unit cost
|
|
July 1
|
Beginning inventory
|
5
|
$52
|
|
July 4
|
Purchase
|
10
|
$55
|
|
July 7
|
Sale
|
12
|
|
|
July 11
|
Purchase
|
9
|
$58
|
|
July 14
|
Sale
|
8
|
|
Assuming FIFO and a perpetual inventory system, what is the cost of goods sold for the July 7 sale?
$648
$645
$624
$654