96) A company's inventory records indicate the following data for the month of January: Date January 1 January 8 January 12 January 17 Activities Beginning inventory Purchase Sale Purchase January 23 January 28 Purchase Sale A) $17,680. B) $18,080. C) $20,640. D) $15,040. E) $12,480. Units Acquired at Cost Units Sold at Retail 360 units @ $18 = $6,480 340 units @ $20= = $6,800 400 units @ $22= = $8,800 460 units @ $24 = $11,040 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what is the value of cost of goods sold?

96) A company's inventory records indicate the following data for the month of January: Date January 1 January 8 January 12 January 17 Activities Beginning inventory Purchase Sale Purchase January 23 January 28 Purchase Sale A) $17,680. B) $18,080. C) $20,640. D) $15,040. E) $12,480. Units Acquired at Cost Units Sold at Retail 360 units @ $18 = $6,480 340 units @ $20= = $6,800 400 units @ $22= = $8,800 460 units @ $24 = $11,040 600 units @ $70 300 units @ $70 If the company uses the LIFO periodic inventory system, what is the value of cost of goods sold?

Name: 96)A company's inventory records indicate the following data for the
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Description: 96)A company's inventory records indicate the following data for the month of January:DateJanuary 1BeginninginventoryJanuary 8 PurchaseActivitiesJanuary 12January 17 PurchaseSaleJanuary 23January 28 PurchaseSaleA) $17,680.B) $18,080.C) $20,640.D) $1

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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