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Lockheed Company for the month of May. Lockheed uses a perpetual inventory system: May 1 00 units were purchased at $10 per unit May 5 200 units were purchased at $20 per unit May 12 200 units were purchased at $40 per unit May 23 250 units were purchased at $30 per unit May 28 10 units were sold for $80 per nit Required: Calculate Lockheed Company's ending inventory and ost of goods sold using the each of following inventory costing nethods. a. FIFO b. LIFO C. Veighted Average

Lockheed Company for the month of May. Lockheed uses a perpetual inventory system: May 1 00 units were purchased at $10 per unit May 5 200 units were purchased at $20 per unit May 12 200 units were purchased at $40 per unit May 23 250 units were purchased at $30 per unit May 28 10 units were sold for $80 per nit Required: Calculate Lockheed Company's ending inventory and ost of goods sold using the each of following inventory costing nethods. a. FIFO b. LIFO C. Veighted Average

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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The following information is for Lockheed Company for the month of May. Lockheed uses a perpetual inventory system: May 1 100 units were purchased at $10 per unit May 5 200 units were purchased at $20 per unit May 12 200 units were purchased at $40 per unit May 23 250 units were purchased at $30 per unit May 28 610 units were sold for $80 per unit Required: Calculate Lockheed Company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO b. LIFO C. Weighted Average
Transcribed Image Text:The following information is for Lockheed Company for the month of May. Lockheed uses a perpetual inventory system: May 1 100 units were purchased at $10 per unit May 5 200 units were purchased at $20 per unit May 12 200 units were purchased at $40 per unit May 23 250 units were purchased at $30 per unit May 28 610 units were sold for $80 per unit Required: Calculate Lockheed Company's ending inventory and cost of goods sold using the each of following inventory costing methods. a. FIFO b. LIFO C. Weighted Average
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