From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units.Note: Round your answers to the nearest cent.Beginning inventoryand purchasesJanuary 1April 101May 15July 22August 19September 30November 10December 15.5Cost of ending inventoryCost of goods sold10121518.203216THIEcont$1.401.902.402.653.403.603.804.20Answer is complete but not entirely correct.$$204.75365.40

LIFO method stands for the last in first out method. Here it is assumed that the units sold will…

From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Units Cost of ending inventory Cost of goods sold 10 12 15 18 20 32 16 THIE cont Answer is complete but not entirely correct. $ 204.750 365.400 $ 1.90 2.40 2.65 3.40 3.60 3.80

From the following, calculate the cost of ending inventory and cost of goods sold for the LIFO method, ending inventory is 50 units. Note: Round your answers to the nearest cent. beginning inventory and purchases January 1 April 10 May 15 July 22 August 19 September 30 November 10 December 15 Units Cost of ending inventory Cost of goods sold 10 12 15 18 20 32 16 THIE cont Answer is complete but not entirely correct. $ 204.750 365.400 $ 1.90 2.40 2.65 3.40 3.60 3.80

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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