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:
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.1C
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36412e8c-1315-4767-bae1-2fcc926384e1%2F4dc110ed-11cd-443b-be46-0743eab562e8%2Ft86amah_processed.png&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36412e8c-1315-4767-bae1-2fcc926384e1%2F4dc110ed-11cd-443b-be46-0743eab562e8%2Fp8ul71l_processed.png&w=3840&q=75)
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
for requirement 17, why do you multiply 120 by 11, where does the 11 come from?
Solution
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you