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(--) 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 6Explanation / 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
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