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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
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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1 Lopez Company tells chairs that are used at computer stations its beginning inventory of chain in Year 1 was 100 units at $60 per 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 chains at $120 each. 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 chains 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
Transcribed Image Text:1 Lopez Company tells chairs that are used at computer stations its beginning inventory of chain in Year 1 was 100 units at $60 per 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 chains at $120 each. 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 chains 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 Companysels chains that are used at computer stations. Its beginning inventory of chain in Year 1 was 100 units at $60 per 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 chairs at $120 each During Year 2 Lopez mode two additional purchases of this chair. The first was a 100 unit purchase at $73 per unit; the second was a 300-unit purchase af $75 per unit During Year 2, i sold 215 choin of $125 each Lopez apples the FIFO cost flow assumption
Transcribed Image Text:Lopez Companysels chains that are used at computer stations. Its beginning inventory of chain in Year 1 was 100 units at $60 per 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 chairs at $120 each During Year 2 Lopez mode two additional purchases of this chair. The first was a 100 unit purchase at $73 per unit; the second was a 300-unit purchase af $75 per unit During Year 2, i sold 215 choin of $125 each Lopez apples the FIFO cost flow assumption
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