Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIFO cost flow assumption. by using DATE OUT BALANCE IN Quantity Price Quantity Price Quantity Total Total Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29

Co.'s purchases and sales of a particular product during the year are shown below: Jan. 1 Beginning Inventory Jan. 18 Purchase 1,500 units @ $ 10 1,250 units @ $ 12 1,500 units @ $ 20 1,750 units @ $ 14 1,750 units @ $ 25 500 units @ $ 15 Jan 20 Sold Jan. 25 Purchase Jan. 27 Sold Jan. 29 Purchase Assuming that company uses perpetual inventory system, determine the cost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction inventory subsidiary ledger for LIFO cost flow assumption. by using DATE OUT BALANCE IN Quantity Price Quantity Price Quantity Total Total Price Total Jan 1 Jan 18 Jan 20 Jan 25 Jan 27 Jan 29

Name: Co.'s purchases and sales ofa particular product during the year are
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Description: Co.'s purchases and sales ofa particular product during the year are shown below:Jan. 1 Beginning InventoryJan. 18 Purchase1,500 units @ $ 101,250 units @ $ 121,500 units @ $ 201,750 units @ $ 141,750 units @ $ 25500 units @ $ 15Jan 20 SoldJan. 25 P

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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