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86-13 Lombart Company uses a periodic inventory system April with 25 units on hand at April 30: April 1 12 16 Inventory Purchases Purchases Total Units 30 45 15 90 Instructions (a) Calculate the ending inventory and cost of goods sold a formulas. (b) Prove the cost of goods sold calculations.

86-13 Lombart Company uses a periodic inventory system April with 25 units on hand at April 30: April 1 12 16 Inventory Purchases Purchases Total Units 30 45 15 90 Instructions (a) Calculate the ending inventory and cost of goods sold a formulas. (b) Prove the cost of goods sold calculations.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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April, with 25 units on hand at April 30: 86-13 Lombart Company uses a periodic inventory system. Its records show the following for the month of Apply pe weighted April 1 12 16 Inventory Purchases Purchases Total Units 118158 Unit Cost $8 11 12 Total Cost $240 495 180 $915 Instructions (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (b) Prove the cost of goods sold calculations. Apply
Transcribed Image Text:April, with 25 units on hand at April 30: 86-13 Lombart Company uses a periodic inventory system. Its records show the following for the month of Apply pe weighted April 1 12 16 Inventory Purchases Purchases Total Units 118158 Unit Cost $8 11 12 Total Cost $240 495 180 $915 Instructions (a) Calculate the ending inventory and cost of goods sold at April 30 using the FIFO and weighted average cost formulas. (b) Prove the cost of goods sold calculations. Apply
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