Multiple Choice
Ace Systems, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows:
On January 28, Ace Systems sells 18 units of this product. The other 12 units remain in inventory at January 31.
-Refer to above data. Assuming that Ace Systems uses the LIFO flow assumption, the cost of goods sold on January 28 is:
A) $331.
B) $509.
C) $499.
D) Some other amount.
Correct Answer:
Verified
Correct Answer:
Verified
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