Harris, Inc
had the following balances and transactions during 2017:
Beginning Merchandise Inventory as of January 1, 2017 160 units at $70
March 10 Sold 80 units
June 10 Purchased 175 units at $77
October 30 Sold 175 units
What would be reported for Cost of Goods Sold on the income statement for the year ending December 31, 2017 if the perpetual inventory system and the last-in, first-out inventory costing method are used?
A) $19,075
B) $13,475
C) $5,600
D) $17,850
A .
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