Katie Malls has the following inventory transactions for the year:Date Transaction Number of units Unit cost Total costJan. 1 Beginning inventory 20 $35 $ 700Apr. 8 Purchase 50 40 2,000 $2,700Jan. 1 â Dec. 31 Total sales to customers 60What amount would Madison report for cost of goods sold using LIFO under a periodic inventory system?a) $2,100b) $2,350c) $2,300d) $2,400

b) $2,350

Explanation:

The computation of the cost of goods sold under the LIFO method is shown below:

Since there is 60 unit sold

So,

= Number of units purchase × price per unit + opening inventory remaining units × price per unit

= 50 units × $40 + 10 units × $35

= $2,000 + $350

= $2,350

hence, the cost of goods sold under the LIFO method is $2,350

Therefore the correct option is b) $2,350

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi

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