e following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost ginning Inventory le No. 1 rchase No. 1 le No. 2 rchase No. 2 tals Units 30 ect one: 50 20 100 $21 30 33 Total Cost $630 1,500 660 $2,790 Units Sold 20 40 60 suming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:
e following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period. Unit Cost ginning Inventory le No. 1 rchase No. 1 le No. 2 rchase No. 2 tals Units 30 ect one: 50 20 100 $21 30 33 Total Cost $630 1,500 660 $2,790 Units Sold 20 40 60 suming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:
Chapter10: Inventory
Section: Chapter Questions
Problem 9PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...
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Question
![The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period.
Unit
Cost
Beginning Inventory
Sale No. 1
Purchase No. 1
Sale No. 2
Purchase No. 2
Totals
Select one:
O
O
O
O
Units
30
A. $840
B. $1,200
C. $1,110
D. $1,320
50
20
100
$21
30
33
Total
Cost
$630 -
1,500
Units Sold
660
$2,790
20
40
Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:
60](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3537a5bf-9ba4-4d46-9d69-9809ffbc0823%2Fe5c59646-ec02-4b45-a1a3-30861d7065d7%2Fjtbu8fj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period.
Unit
Cost
Beginning Inventory
Sale No. 1
Purchase No. 1
Sale No. 2
Purchase No. 2
Totals
Select one:
O
O
O
O
Units
30
A. $840
B. $1,200
C. $1,110
D. $1,320
50
20
100
$21
30
33
Total
Cost
$630 -
1,500
Units Sold
660
$2,790
20
40
Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:
60
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