Homework Help is Here – Start Your Trial Now!
Business
Accounting
0) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of oods sold for October 2019, is: f) $2,429 g) $2,419 h) $2,325 i) $2,312 j) None of the above 1) If Lijia's Co. uses the Weighted Average cost flow assumption, under a perpetual method, the ost of goods sold for October 2019, is: $2,429 $2,419 $2,325 ) $2,312 ) None of the above 2) If Lijia's Co. uses the FIFO cost flow assumption, under a perpetual method, the ending inventor alue at October 31st 2019 is: $600 $500 $480 ) $400 ) None of the above

0) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of oods sold for October 2019, is: f) $2,429 g) $2,419 h) $2,325 i) $2,312 j) None of the above 1) If Lijia's Co. uses the Weighted Average cost flow assumption, under a perpetual method, the ost of goods sold for October 2019, is: $2,429 $2,419 $2,325 ) $2,312 ) None of the above 2) If Lijia's Co. uses the FIFO cost flow assumption, under a perpetual method, the ending inventor alue at October 31st 2019 is: $600 $500 $480 ) $400 ) None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

please explain how they get these answers?

Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each
Transcribed Image Text:Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each
20) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,429 g) $2,419 h) $2,325 i) $2,312 j) None of the above 21) If Lijia's Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: a) $2,429 b) $2,419 c) $2,325 d) $2,312 e) None of the above 22) If Lijia's Co. uses the FIFO cost flow assumption, under a perpetual method, the ending inventory value at October 31st 2019 is: a) $600 b) $500 c) $480 d) $400 e) None of the above
Transcribed Image Text:20) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,429 g) $2,419 h) $2,325 i) $2,312 j) None of the above 21) If Lijia's Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: a) $2,429 b) $2,419 c) $2,325 d) $2,312 e) None of the above 22) If Lijia's Co. uses the FIFO cost flow assumption, under a perpetual method, the ending inventory value at October 31st 2019 is: a) $600 b) $500 c) $480 d) $400 e) None of the above
Expert Solution
steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS