Classic Floors has the following inventory data:

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Classic Floors has the following inventory data:

 

July 1            Beginning inventory         15 units at $6.00

5            Purchases            60 units at $6.60

14          Sale              40 units

21          Purchases            30 units at $7.20

30          Sale              28 units

 

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?

 

$465.60

 

$236.40

 

$702.00

 

$348.00
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