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(--) C -Store! https/mybusinesscorse conplatformmod/guiz/attempt php?attempt,168

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Question

(--) C -Store! https/mybusinesscorse conplatformmod/guiz/attempt php?attempt,1686562spage' 16 ACC21-sessionPrinciplesOTEnancia Accounting My Subscriptions / Courses Accz11 sSession B-Principles of Financial Accounting Chapter 4/Exam- Week 2 @ncludes Chapters 4-6) LICK HERE TO REVIEW LEARNING CRECTVES ON 17 Ponts out of 200F Rug questan Anwer saved Inventory Costing Methods and the Perpetual Methocd Lambeth Company experienced the following events in February Dute Cent Feb. 1 Purchased inventory 100$30 $3,000 Feb. 4 Sold invenbory Feb.9 Purchased Iinventory 10032 $3,200 Feb. 27 Sold inventory EventUnits Unit Cost Total 50 100 Assume the perpetual Inventory system is used. Use the LIFO Inventory costing method to calculate the company's cost of goods sold and ending nventory as of February 28. cost of goods sold Ending inventory 11 4 5 6

Explanation / Answer

LIFO

Cost of Goods Available for sale

Cost of goods sold

Ending Inventory

Qty

per Unit

Total

Qty

per Unit

Total

Qty

per Unit

Total

Purchases

100

30

3000

100

30

3000

Sales

50

30

1500

50

30

1500

Purchases

100

32

3200

50

30

1500

100

32

3200

Sales

100

32

3200

50

30

1500

Total

4700

Total

1500

Total Cost of goods sold [(50*30)+(100*32)]

4700

Ending Inventory (50*30)

1500

LIFO

Cost of Goods Available for sale

Cost of goods sold

Ending Inventory

Qty

per Unit

Total

Qty

per Unit

Total

Qty

per Unit

Total

Purchases

100

30

3000

100

30

3000

Sales

50

30

1500

50

30

1500

Purchases

100

32

3200

50

30

1500

100

32

3200

Sales

100

32

3200

50

30

1500

Total

4700

Total

1500