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  3. cypress co has the following lifo perpetual inventory records date...

Question: cypress co has the following lifo perpetual inventory records date...

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Cypress Co. has the following LIFO perpetual inventory records: Date December 1 December 7 December 18 December 31 $1,700 Purchases Cost of Goods Sold Inventory on Hand $4,050 $5,250 $4,250 $5,950 $1,200 $1,000 The current replacement cost of the ending inventory is $3,200. To apply the lower-of-cost-or-market rule, the journal entry would be: O A. Debit Cost of Goods Sold $2,750, credit Inventory $2,750 O B. Debit Inventory $2,750, credit Cost of Goods Sold $$2,750 O C. Debit inventory $1,000, credit Cost of Goods Sold $1,000 O D. Debit Cost of Goods Sold $1,000, credit Inventory $1,000

Lionworks Enterprises had the following inventory data Date July 1 Beginning inventory July 4 Purchase July 7 Sale July 11 Purchase July 14 Sale Quantity Unit Cost $51 $52 10 12 $58 8 Assuming LIFO, what is the cost of goods sold for the July 14 sale? O A. $464 B. $416 OC. $446 OD. $522

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