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QUESTION 5 A company has the following inventory transactions: Jan. 1 Beginning inventory Jan. 15 Purchase Jan. 31 Purchase 100 units@ $7 each 100 units @ $5 each 100 units @ $4 each What would be the cost of goods sold under the LIFO method if 120 units were sold in January? Assume the company uses a PERIODIC inventory system. $600 $800 $500 $700

QUESTION 5 A company has the following inventory transactions: Jan. 1 Beginning inventory Jan. 15 Purchase Jan. 31 Purchase 100 units@ $7 each 100 units @ $5 each 100 units @ $4 each What would be the cost of goods sold under the LIFO method if 120 units were sold in January? Assume the company uses a PERIODIC inventory system. $600 $800 $500 $700

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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5960 D $600 O 5720 ich 100 units @ $9 each the Average Cost method if 120 units were sold in January? QUESTION 5 A company has the following inventory transactions: Jan. 1 Beginning inventory Jan. 15 Purchase Jan. 31 Purchase 100 units @ $7 each 100 units @ $5 each 100 units @ $4 each What would be the cost of goods sold under the LIFO method if 120 units were sold in January? Assume the company uses a PERIODIC inventory system. 5600 5800 O $500 $700 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q Search Il meet.google.com is sharing your screen. LO = W DELL Stop sharing DOU □
Transcribed Image Text:5960 D $600 O 5720 ich 100 units @ $9 each the Average Cost method if 120 units were sold in January? QUESTION 5 A company has the following inventory transactions: Jan. 1 Beginning inventory Jan. 15 Purchase Jan. 31 Purchase 100 units @ $7 each 100 units @ $5 each 100 units @ $4 each What would be the cost of goods sold under the LIFO method if 120 units were sold in January? Assume the company uses a PERIODIC inventory system. 5600 5800 O $500 $700 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Q Search Il meet.google.com is sharing your screen. LO = W DELL Stop sharing DOU □
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