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    Oct 22, 2010, 08:20 AM
    Cost of goods sold (LIFO and FIFO)
    I'm having a hard time answering this question... it keeps saying my answer is wrong
    Causwell Company began 2011 with 8,400 units of inventory on hand. The cost of each unit was $5.11. During 2011 an additional 34,000 units were purchased at a single unit cost, and 19,000 units remained on hand at the end of 2011 (23,400 units therefore were sold during 2011). Causwell uses a periodic inventory system. Cost of goods sold for 2011, applying the average cost method, is $125,424. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.

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