Answer:
$541.50
Explanation:
LIFO method assumes that the inventory to arrive last will be sold first. Thus, valuation of cost of goods sold is based on latest prices.
Cost of goods sold calculation :
14 July Sale = 61 units x $5.00 = $305.00
30 July Sale = 43 units x $5.50 = $236.50
Total = $541.50
therefore,
the cost of goods sold on a LIFO basis for July is $541.50
