Lauer Corporation uses the periodic inventory system and thefollowing information about their laptop computer is available: Date Transaction Number of Units Cost per Unit 1/1 BeginningInventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 750 laptop computers were sold.What was ending inventory and cost of goods sold on 12/31 under the FIFO costflow assumption? A. $60,000 and $710,000 B. $52,500 and $717,500 C. $52,000 and $718,000 D. None of the answers is correct
Lauer Corporation uses the periodic inventory system and thefollowing information about their laptop computer is available: Date Transaction Number of Units Cost per Unit 1/1 BeginningInventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 750 laptop computers were sold.What was ending inventory and cost of goods sold on 12/31 under the FIFO costflow assumption? A. $60,000 and $710,000 B. $52,500 and $717,500 C. $52,000 and $718,000 D. None of the answers is correct
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Lauer Corporation uses the periodic inventory system and the
following information about their laptop computer is available:
Date
Transaction
Number of Units
Cost per Unit
1/1
Beginning
Inventory
100
$800
5/5
Purchase
200
$900
8/10
Purchase
300
$1,000
10/15
Purchase
200
$1,050
During the year, 750 laptop computers were sold.
What was ending inventory and cost of goods sold on 12/31 under the FIFO cost
flow assumption?
A.
$60,000 and $710,000
B.
$52,500 and $717,500
C.
$52,000 and $718,000
D.
None of the answers is correct
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