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Cost per unit $1.00 $1.05 Dec. 19 $1.10 Dec. 21 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIFO? Dec. 1 Dec. 14 O $110.50 O$89.50 O $96.00 O$104.00. $100.00 Beginning balance Purchase Purchase Purchase Units 30 60 40 50

Cost per unit $1.00 $1.05 Dec. 19 $1.10 Dec. 21 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIFO? Dec. 1 Dec. 14 O $110.50 O$89.50 O $96.00 O$104.00. $100.00 Beginning balance Purchase Purchase Purchase Units 30 60 40 50

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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A company has the following: Dec. 1 O $110.50 Dec. 14 Dec. 19 Dec. 21 Purchase 50 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIPO? O$89.50 O $96.00 O$104.00 Units Beginning balance 30 Purchase 60 $100.00 Purchase Cost per unit $1.00 40 $1.05 $1.10
Transcribed Image Text:A company has the following: Dec. 1 O $110.50 Dec. 14 Dec. 19 Dec. 21 Purchase 50 $1.12 The company sold 100 units at $2.00 per unit on December 23. Assuming that a perpetual inventory system is used, what is the company's gross profit using LIPO? O$89.50 O $96.00 O$104.00 Units Beginning balance 30 Purchase 60 $100.00 Purchase Cost per unit $1.00 40 $1.05 $1.10
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