a company sells 100 units in june. calculate the cost of goods sold using last - in, first - out.\n| | units…

a company sells 100 units in june. calculate the cost of goods sold using last - in, first - out.\n| | units received | unit cost |\n|--|--|--| \n| june 4 | 60 | $2.20 |\n| june 11 | 20 | $2.90 |\n| june 18 | 40 | $2.30 |\n| june 25 | 60 | $2.20 |

a company sells 100 units in june. calculate the cost of goods sold using last - in, first - out.\n| | units received | unit cost |\n|--|--|--| \n| june 4 | 60 | $2.20 |\n| june 11 | 20 | $2.90 |\n| june 18 | 40 | $2.30 |\n| june 25 | 60 | $2.20 |

Answer

Explanation:

Step1: Allocate from latest purchases

First, use 60 units from June 25 at $2.20 each. Remaining units = 100 - 60 = 40.

Step2: Allocate from next - latest

Then use 40 units from June 18 at $2.30 each. Cost = (60×2.20)+(40×2.30) = 132 + 92 = 224.

Answer:

$224