Tran Company reported the following purchases and sales of i…
Tran Company reported the following purchases and sales of its only product. Tran uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 180 units @ $13 May 5 Purchase 235 units @ $15 May 10 Sales 155 units @ $23 May 15 Purchase 115 units @ $16 May 24 Sales 105 units @ $24