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Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the

Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the

FINANCIAL ACCOUNTING
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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Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year: March 1 August 15 November 20 10,000 boxes at $1.60 20,000 boxes at $1.70 10,000 boxes at $1.80 $16,000 34,000 Cost of goods sold $ 18,000 At the end of the year, Lawrence's inventory consisted of 15,000 boxes of candy. Calculate Lawrence's cost of goods sold using the LIFO inventory valuation method.
Transcribed Image Text:Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year: March 1 August 15 November 20 10,000 boxes at $1.60 20,000 boxes at $1.70 10,000 boxes at $1.80 $16,000 34,000 Cost of goods sold $ 18,000 At the end of the year, Lawrence's inventory consisted of 15,000 boxes of candy. Calculate Lawrence's cost of goods sold using the LIFO inventory valuation method.
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