Question

Mountain Made uses a periodic inventory system. The company started the month with 3 quilts in...

Mountain Made uses a periodic inventory system. The company started the month with 3 quilts in its beginning inventory that cost $200 each. During the month, Mountain Made purchased 20 additional quilts for $210 each. At the end of the month, Mountain Made counted its inventory and found that 5 quilts remained unsold. If Mountain Made uses LIFO periodic, its cost of goods sold for the month is:

Multiple Choice

  • $1,020.

  • $3,780.

  • $3,750.

  • $1,050.

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