Lopez Company tells chairs that are used at computer stations its beginning inventory of chain in Year I was 100 units at $60 por unit. During the year, Lopez made two purchases of this chair. The first was a 150 units purchase at $68 per unit the second was a 200-unit purchase at $72 per unit. During Year 1, it soid 270 choins at $120 each, 1 During Tear 2. Lopez made two additional purchases of this chair. The first was a 100 unit purchase at $73 per unit, the second was a 300 unit purchase at $75 per unit. During Year 2. it sold 215 chairs at $125 each Lopez applies the FIFO cost flow assumption 2 What is the amount of COGS Lopez should report for Year 17 $17.640 $32.400 $16.200 $19,440 3 What is the amount of gross profit Lopez should report for Year 17 $32,440 $19,440 $12.960 $14.760 What is the amount of ending inventory Lopez should report for Year 17 $14.440 $12,960 $21.600 $22.500 0000

Lopez Company tells chairs that are used at computer stations its beginning inventory of chain in Year I was 100 units at $60 por unit. During the year, Lopez made two purchases of this chair. The first was a 150 units purchase at $68 per unit the second was a 200-unit purchase at $72 per unit. During Year 1, it soid 270 choins at $120 each, 1 During Tear 2. Lopez made two additional purchases of this chair. The first was a 100 unit purchase at $73 per unit, the second was a 300 unit purchase at $75 per unit. During Year 2. it sold 215 chairs at $125 each Lopez applies the FIFO cost flow assumption 2 What is the amount of COGS Lopez should report for Year 17 $17.640 $32.400 $16.200 $19,440 3 What is the amount of gross profit Lopez should report for Year 17 $32,440 $19,440 $12.960 $14.760 What is the amount of ending inventory Lopez should report for Year 17 $14.440 $12,960 $21.600 $22.500 0000

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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