King Costume uses a periodic inventory system. The company started the month with 6 masks in its beginning inventory that cost $8 each. During the month, King Costume purchased 41 additional masks for $10 each. At the end of the month, King counted its inventory and found that 3 masks remained unsold. Using the LIFO method, its cost of goods sold for the month is:

$464

Explanation:

Periodic Inventory method is being used. That means valuation of inventory is done at the end of a specific period.

LIFO method is also used for determining the cost of inventory sold. FIFO stands for Last In First Out.

Calculation of Cost of Goods Sold :

41 unit × $10   = $440

3 units × $8    =   $24

Total               = $464

The cost of goods sold for the month is: $464

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