Practice Question 50 A company just starting business made the following inventory transactions in August:

Practice Question 50

A company just starting business made the following inventory transactions in August:

Purchase on August 1300 units$1,560Sale on August 8200 units3,400Purchase on August 12400 units1,340Sale on August 24350 units5,950

Using the LIFO inventory method, how much is cost of goods sold for August using a perpetual inventory system?

(A) $2,212.50

(B) $6,450

(C) $2,120

(D) $9,350