Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50 Feb. 9 Purchased inventory 100 @ $22 $2,200 Feb. 27 Sold inventory 100 If the Lambeth Company uses the LIFO inventory costing method, calculate the company's cost of goods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold $ 1,000 x Ending inventory 2$ 3,200 x

Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50 Feb. 9 Purchased inventory 100 @ $22 $2,200 Feb. 27 Sold inventory 100 If the Lambeth Company uses the LIFO inventory costing method, calculate the company's cost of goods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold $ 1,000 x Ending inventory 2$ 3,200 x

Name: Lambeth Company experienced the following events in February:DateEven
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Description: Lambeth Company experienced the following events in February:DateEventUnitsUnit Cost Total CostFeb. 1Purchased inventory 100@$20$2,000Feb. 4Sold inventory50Feb. 9Purchased inventory 100@$22$2,200Feb. 27 Sold inventory100If the Lambeth Company uses t

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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Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased inventory 100 @ $20 $2,000 Feb. 4 Sold inventory 50 Feb. 9 Purchased inventory 100 @ $22 $2,200 Feb. 27 Sold inventory 100 If the Lambeth Company uses the LIFO inventory costing method, calculate the company’s cost ofgoods sold and ending inventory as of February 28 assuming the periodic method. Cost of goods sold Answer Ending inventory Answer