🤓 Based on our data, we think this question is relevant for Professor Zhang's class at UTD.
Lauer Corporation uses the periodic inventory system and the following information about their laptop computer is available:
During the year, 750 laptop computers were sold.
What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?
a. $56,000 and $714,000.
b. $45,000 and $725,000.
c. $40,000 and $730,000.
d. None of the answers is correct.