Accounting Practice Problems Periodic Inventory - FIFO, LIFO, and Average Cost Practice Problems Solution: Consider the following: There were 105 units avai...

Solution: Consider the following: There were 105 units available at a total cost of $1,225. Eighty-three units were sold. Use the LIFO method of inventory costing and determine the cost of goods sold. a. $993 b. $968 c. $962 d. $941

Problem

Consider the following:

There were 105 units available at a total cost of $1,225. Eighty-three units were sold. Use the LIFO method of inventory costing and determine the cost of goods sold.

a. $993

b. $968

c. $962

d. $941