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ourse.com/platform/mod/quiz/attempt.php?attenpt-16857428page-38 E Menu CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 39 Not complete Points out of 200 lag question Inventory Costing Methods and the Perpetual Method Lambeth Company experienced the following events in February: Event Units Date Feb. 1 Purchased inventory 10030 $3,000 Feb. 4 Sold inventory Feb. 9 Purchased inventory 10032 $3,200 Feb. 27 Sold inventory Unit Cost Total Cost 50 100 Assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculat the company's cost of goods sold and ending inventory as of February 28. Total cost of goods sold s Check Previous page Next

Explanation / Answer

Calculate cost of goods sold and ending inventory under LIFO perpetual method :

Ending inventory (50*30) 1500 Cost of goods sold (50*30+100*32) 4700

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