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P3. Inventory Cost Flow Methods London Company who use a periodic inventory system sold 600 units of inventory in April. In addition, the following information is available (2 pts.). Please properly use "comma" in numbers as follows: 6,000 and 1,234,567 April 1 Inventory 250 units @ $10 $2,500 April 15 purchase 400 units @ $12 4,800 April 23 purchase 350 units @ $13 4,550 1,000 units $ 11,850 Determine the ending inventory and cost of goods sold during the period using the FIFO method and the LIFO method. Please properly use "comma" in numbers (numeric values) as follows: 6,000, 1,234,567 etc. FIFO Ending Inventory CGS $ LIFO Ending Inventory CGS $

P3. Inventory Cost Flow Methods London Company who use a periodic inventory system sold 600 units of inventory in April. In addition, the following information is available (2 pts.). Please properly use "comma" in numbers as follows: 6,000 and 1,234,567 April 1 Inventory 250 units @ $10 $2,500 April 15 purchase 400 units @ $12 4,800 April 23 purchase 350 units @ $13 4,550 1,000 units $ 11,850 Determine the ending inventory and cost of goods sold during the period using the FIFO method and the LIFO method. Please properly use "comma" in numbers (numeric values) as follows: 6,000, 1,234,567 etc. FIFO Ending Inventory CGS $ LIFO Ending Inventory CGS $

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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P3. Inventory Cost Flow Methods London Company who use a periodic inventory system sold 600 units of inventory in April. In addition, the following information is available (2 pts.). Please properly use "comma" in numbers as follows: 6,000 and 1,234,567 April 1 Inventory 250 units @ $10 $2,500 April 15 purchase 400 units @ $12 4,800 April 23 purchase 350 units @ $13 4,550 1,000 units $ 11,850 Determine the ending inventory and cost of goods sold during the period using the FIFO method and the LIFO method. Please properly use "comma" in numbers (numeric values) as follows: 6,000, 1,234,567 etc. FIFO Ending Inventory CGS $ LIFO Ending Inventory CGS $
Transcribed Image Text:P3. Inventory Cost Flow Methods London Company who use a periodic inventory system sold 600 units of inventory in April. In addition, the following information is available (2 pts.). Please properly use "comma" in numbers as follows: 6,000 and 1,234,567 April 1 Inventory 250 units @ $10 $2,500 April 15 purchase 400 units @ $12 4,800 April 23 purchase 350 units @ $13 4,550 1,000 units $ 11,850 Determine the ending inventory and cost of goods sold during the period using the FIFO method and the LIFO method. Please properly use "comma" in numbers (numeric values) as follows: 6,000, 1,234,567 etc. FIFO Ending Inventory CGS $ LIFO Ending Inventory CGS $
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