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MMLU / Ultra Co. uses a periodic inventory system. The following are inventory…

Problem

Answer published by the source. Consult the official source to check your work against its answer.

question

Ultra Co. uses a periodic inventory system. The following are inventory transactions for the month of January: 1/1 Beginning inventory 20000 units at 131/20Purchase30000unitsat13 1/20 Purchase 30000 units at 15 1/23 Purchase 40000 units at 171/31Salesat17 1/31 Sales at 20 per unit 50000 units Ultra uses the LIFO method to determine the value of its inventory. What amount should Ultra report as cost of goods sold on its income statement for the month of January?
Plain-text mathematical notation (without MathML)
Ultra Co. uses a periodic inventory system. The following are inventory transactions for the month of January: 1/1 Beginning inventory 20000 units at 131/20Purchase30000unitsat15 1/23 Purchase 40000 units at 171/31Salesat20 per unit 50000 units Ultra uses the LIFO method to determine the value of its inventory. What amount should Ultra report as cost of goods sold on its income statement for the month of January?
Original LaTeX notation
Ultra Co. uses a periodic inventory system. The following are inventory transactions for the month of January: 1/1 Beginning inventory 20000 units at $13 1/20 Purchase 30000 units at $15 1/23 Purchase 40000 units at $17 1/31 Sales at $20 per unit 50000 units Ultra uses the LIFO method to determine the value of its inventory. What amount should Ultra report as cost of goods sold on its income statement for the month of January?

choices

  1. $710,000
  2. $750,000
  3. $830,000
  4. 1000000

subject

professional_accounting

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Source and history

task_id
bc05e288-5f1f-5e9b-9294-f607549a95ab
task_key
all--test--bc05e288-5f1f-5e9b-9294-f607549a95ab
task_revision_id
1
config / split
all / test

Official source

initial import