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Lifetime Sports, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year...

Lifetime Sports, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,900 units of inventory carried at LIFO cost of $68 per unit. During the first quarter, it purchased 5,600 units at an average cost of $98 per unit and sold 6,500 units at $190 per unit.

19.

Required information

The company does not expect to replace the units of beginning inventory sold; it plans to reduce inventory by year-end to 500 units. What amount of cost of goods sold is to be recorded for the quarter ended March 31?
$637,000.
$610,000.
$638,800.
$650,000.

20.

Required information

The company expects to replace the units of beginning inventory sold in April at a cost of $100 per unit and expects inventory at year-end to be between 1,500 and 2,000 units. What amount of cost of goods sold is to be recorded for the quarter ended March 31?
$637,000.
$638,800.
$610,000.
$650,000.
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