A company has the following: December 1 Beginning inventory of 15 units at $6.00 per unit December 7 Purchased 60 units at $6.60 per unit December 12 Sold 40 units December 20 Purchased 30 units at $7.20 per unit December 29 Sold 20 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for December? What if a periodic inventory system had been used instead of perpetual? O $408 using perpetual, and $414 using periodic O $414 using perpetual, and $408 using periodic O $387 using perpetual, and $387 using periodic $409.50 using perpetual, and $423 using periodic $414 using perpetual, and $414 using periodic

A company has the following: December 1 Beginning inventory of 15 units at $6.00 per unit December 7 Purchased 60 units at $6.60 per unit December 12 Sold 40 units December 20 Purchased 30 units at $7.20 per unit December 29 Sold 20 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for December? What if a periodic inventory system had been used instead of perpetual? O $408 using perpetual, and $414 using periodic O $414 using perpetual, and $408 using periodic O $387 using perpetual, and $387 using periodic $409.50 using perpetual, and $423 using periodic $414 using perpetual, and $414 using periodic

Name: Please do it by using LIFO table correctly Thank you A company has the
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Description: Please do it by using LIFO table correctly Thank you A company has the following:December 1 Beginning inventory of 15 units at $6.00 per unitDecember 7Purchased 60 units at $6.60 per unitDecember 12December 20December 29 Sold 20 unitsSold 40 unitsPur

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PA: The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month...

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