Business, 25.02.2021 18:00, Kalamazoo373

Thorin Corp. began operations in 2017. It is a merchandiser of a single item - Product Q and uses the Periodic Inventory method. The following relates to purchases of Product Q during 2017: Date Units Cost Per Unit Total Cost 1/02/17 400 $12 $4,800 1/16/17 300 $20 $6,000 3/18/17 600 $24 $14,400 6/25/17 300 $28 $8,400 10/16/17 300 $32 $9,600 12/16/17 100 $36 $3,600 Goods available for sale 2,000 $46,800 At 12/31/17, a physical inventory indicted 420 units of Product Q on hand. Assuming the LIFO method, cost of goods sold should be reported in the 12/31/17 income statement at:.
a. $33,040
b. $36,972
c. $41,200
d. $41,760

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Thorin Corp. began operations in 2017. It is a merchandiser of a single item - Product Q and uses th...