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Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and sales of several time. Determining the cost of ending inventory by using LAST IN FIRST OUT (LIFO) AND FIRST IN FIRST OUT (FIFO) Solve with both Methods. Date Sep 01 Sep 10 Sep 20 Sep 30 Oct 02 Oct 10 Purchase Purchase Sold Sold Purchase Sold Units 40 20 30 20 20 05 Per Unit Cost $10 $11 $ 10 Total Cost 400 200 200

Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and sales of several time. Determining the cost of ending inventory by using LAST IN FIRST OUT (LIFO) AND FIRST IN FIRST OUT (FIFO) Solve with both Methods. Date Sep 01 Sep 10 Sep 20 Sep 30 Oct 02 Oct 10 Purchase Purchase Sold Sold Purchase Sold Units 40 20 30 20 20 05 Per Unit Cost $10 $11 $ 10 Total Cost 400 200 200

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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Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and sales of several time. Determining the cost of ending inventory by using LAST IN FIRST OUT (LIFO) AND FIRST IN FIRST OUT (FIFO) Solve with both Methods. Date Sep 01 Sep 10 Sep 20 Sep 30 Oct 02 Oct 10 Purchase Purchase Sold Sold Purchase Sold Units 40 20 30 20 20 05 Per Unit Cost $10 $11 $ 10 Total Cost 400 200 200
Transcribed Image Text:Q No. 02: BRAD Company uses a periodic inventory system. The company records show purchases and sales of several time. Determining the cost of ending inventory by using LAST IN FIRST OUT (LIFO) AND FIRST IN FIRST OUT (FIFO) Solve with both Methods. Date Sep 01 Sep 10 Sep 20 Sep 30 Oct 02 Oct 10 Purchase Purchase Sold Sold Purchase Sold Units 40 20 30 20 20 05 Per Unit Cost $10 $11 $ 10 Total Cost 400 200 200
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