The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Galantine, Inc., for an operating period.UnitCostBeginning InventorySale No. 1Purchase No. 1Sale No. 2Purchase No. 2TotalsSelect one:OOOOUnits30A. $840B. $1,200C. $1,110D. $1,3205020100$213033TotalCost$630 -1,500Units Sold660$2,7902040Assuming Galantine, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for:60

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:

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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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Per Beginning Inventory Sale No. 1 Purchase No. 1 Sale No. 2 Purchase No. 2 Totals Select one: O Units Unit Cost Total Cost Units Sold 50 $124 $6,200 A. $5,952 B. $4,320 C. $4,800 D. $4,224 30 40 120 100 88 3,000 40 32 Assuming Petroni, Inc. uses FIFO perpetual inventory procedures, the ending inventory cost is: 3,520 $12,720 72
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