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The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is:

The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is:

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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can you please explain how they got these answers and where they are getting the highlighted numbers on the second image from?

Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 1) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 1) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 None of the above
Transcribed Image Text:Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 1) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 1) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 None of the above
Answer in units LIFO periodic CGS 220 LIFO perpetual CGS FIFO periodic CGS 220 220 Q $ 60 12 Q 150 60 10 150 120 11 50 $ 11 12 11 Q S 10 10 30 11 10 10 20 12 Q S Total in $ (2 dec.) 2470 2470 2390
Transcribed Image Text:Answer in units LIFO periodic CGS 220 LIFO perpetual CGS FIFO periodic CGS 220 220 Q $ 60 12 Q 150 60 10 150 120 11 50 $ 11 12 11 Q S 10 10 30 11 10 10 20 12 Q S Total in $ (2 dec.) 2470 2470 2390
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for requirement 17, why do you multiply 120 by 11, where does the 11 come from?

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