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La Grange, Inc

Question 12

Multiple Choice

La Grange, Inc. reported sales of $1,200 in October and a gross profit of $370. The company had an October 1 inventory of 60 units that had a total cost of $300. October purchases and sales were as follows: La Grange, Inc. reported sales of $1,200 in October and a gross profit of $370. The company had an October 1 inventory of 60 units that had a total cost of $300. October purchases and sales were as follows: La Grange, Inc., must use A) LIFO perpetual B) FIFO C) weighted average D) LIFO periodic La Grange, Inc., must use


A) LIFO perpetual
B) FIFO
C) weighted average
D) LIFO periodic

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