income statement
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Free InquiryUltra Co. uses a periodic inventory system. The following are inventory transactions for the month of January:
1/1 Beginning inventory 20,000 units at $13
1/20 Purchase 30,000 units at $15
1/23 Purchase 40,000 units at $17
1/31 Sales at $20 per unit 50,000 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?
A.$710,000
B.$750,000
C.$830,000
D.$1,000,000
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