On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:Date November6Purchased 100 units @ $75 per unit 11Sold 200 units 17Sold 85 units 24Purchased 100 units @ $125 per unit 28Purchased 50 units @ $110 per unit 30Sold 100 unitsRequired:Compute the cost of the inventory at the end of November under the following alternatives: Inventory Costa.FIFO periodic$fill in the blank 1b.FIFO perpetual$fill in the blank 2c.LIFO periodic$fill in the blank 3d.LIFO perpetual$fill in the blank 4e.Weighted average$fill in the blank 5f.Moving average (Round unit costs to 2 decimal places.)$fill in the blank 6

Name: On November 1, Lacy Company began business with the purchase of 250 un
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Description: On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:Date November6Purchased 100 units @ $75 per unit 11Sold 200 units 17Sold 85 units 24Pu

In This Numerical the 1st two parts are covered the concept of Inventory valuation Under FIFO…

Answered: On November 1, Lacy Company began…

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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On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:

Date
November	6	Purchased 100 units @ $75 per unit
	11	Sold 200 units
	17	Sold 85 units
	24	Purchased 100 units @ $125 per unit
	28	Purchased 50 units @ $110 per unit
	30	Sold 100 units

Required:
Compute the cost of the inventory at the end of November under the following alternatives:

		Inventory Cost
a.	FIFO periodic	$fill in the blank 1
b.	FIFO perpetual	$fill in the blank 2
c.	LIFO periodic	$fill in the blank 3
d.	LIFO perpetual	$fill in the blank 4
e.	Weighted average	$fill in the blank 5
f.	Moving average (Round unit costs to 2 decimal places.)	$fill in the blank 6

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