Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $12 $1,200 Jan. 20 Purchased inventory 200 @ $14 2,800 Jan. 30 Sold inventory 150 If the Lambeth Company uses the FIFO inventory costing method, calculate the company's cost of goods sold and its ending inventory as of January 31 assuming the periodic method. Cost of goods sold $ Ending inventory 2$

Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $12 $1,200 Jan. 20 Purchased inventory 200 @ $14 2,800 Jan. 30 Sold inventory 150 If the Lambeth Company uses the FIFO inventory costing method, calculate the company's cost of goods sold and its ending inventory as of January 31 assuming the periodic method. Cost of goods sold $ Ending inventory 2$

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...

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**Inventory Costing Methods and the Periodic Method**

Lambeth Company experienced the following events in January:

| Date | Events | Units | Unit Cost | Total Cost |
|----------|-----------------------|-------|-----------|------------|
| Jan. 10 | Purchased inventory | 100 | @ $12 | $1,200 |
| Jan. 20 | Purchased inventory | 200 | @ $14 | $2,800 |
| Jan. 30 | Sold inventory | 150 | | |

If the Lambeth Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31, assuming the periodic method.

| Cost of goods sold | $ 0 |
|--------------------|-----|
| Ending inventory | $ 0 |

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