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Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 23 units at $8 August 2 13 units August 11 33 units at $9 August 10 18 units August 23 28 units at $10 August 19 48 units August 21 18 units Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.

Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 23 units at $8 August 2 13 units August 11 33 units at $9 August 10 18 units August 23 28 units at $10 August 19 48 units August 21 18 units Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.

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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Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. FIFO LIFO 1. Ending inventory 50 35 2. Cost of goods sold 827 842 %24
Transcribed Image Text:Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. FIFO LIFO 1. Ending inventory 50 35 2. Cost of goods sold 827 842 %24
Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 23 units at $8 August 2 13 units August 11 33 units at $9 August 10 18 units August 23 28 units at $10 August 19 48 units August 21 18 units Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
Transcribed Image Text:Carla Vista Lighting had a beginning inventory of 18 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 23 units at $8 August 2 13 units August 11 33 units at $9 August 10 18 units August 23 28 units at $10 August 19 48 units August 21 18 units Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
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