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At the end of January, Mineral Labs had an inventory of 735 units, which cost $8 per unit to produce. During February the company produced 700 units at a cost of $12 per unit. a. If the firm sold 1,100 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)

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Answer:

COGS= $11,600

Explanation:

Giving the following information:

Beginning inventory= 735 units for $8

During February the company produced 700 units for $12 per unit.

Units sold= 1,100

Under the LIFO (last-in, first-out) method, the cost of goods sold is calculated using the cost of the last units produced.

COGS= 700*12 + 400*8

COGS= $11,600

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