Question - Lauer Corporation uses the periodic inventory system and has provided the following information about one of its laptop computers:
|
Date
|
Transaction
|
Number of Units
|
Cost per Unit
|
|
1/1
|
Beginning Inventory
|
130
|
$830
|
|
5/5
|
Purchase
|
230
|
$930
|
|
8/10
|
Purchase
|
330
|
$1,030
|
|
10/15
|
Purchase
|
215
|
$1,080
|
During the year, Lauer sold 825 laptop computers.
What was cost of goods sold using the LIFO cost flow assumption?