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Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information...

Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information concerning one of its products, the Hawkeye.

Date Transaction Quantity Price/Cost
Jan. 1 Beginning inventory 960 $14
Feb. 4 Purchase 1,920 20
Feb. 20 Sale 2,400 36
Apr. 2 Purchase 2,880 25
May 4 Sale 2,112 39

Your answer is incorrect.

Compute cost of goods sold under LIFO.

Cost of goods sold $
Ending inventory $
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