Required information [The following information applies to the questions displayed below.] A company began 2024 with 29,000 units of inventory on hand. The cost of each unit was $4.00. During 2024, an additional 45,000 units were purchased at a single unit cost, and 39,000 units remained on hand at the end of 2024 (35,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $171,500. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Required: 2. Determine the cost of goods sold for 2024 using the LIFO method. Note: Do not round intermediate calculations. LIFO cost of goods sold
Required information [The following information applies to the questions displayed below.] A company began 2024 with 29,000 units of inventory on hand. The cost of each unit was $4.00. During 2024, an additional 45,000 units were purchased at a single unit cost, and 39,000 units remained on hand at the end of 2024 (35,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $171,500. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Required: 2. Determine the cost of goods sold for 2024 using the LIFO method. Note: Do not round intermediate calculations. LIFO cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information
[The following information applies to the questions displayed below.]
A company began 2024 with 29,000 units of inventory on hand. The cost of each unit was $4.00. During
2024, an additional 45,000 units were purchased at a single unit cost, and 39,000 units remained on
hand at the end of 2024 (35,000 units therefore were sold during 2024). The company uses a periodic
inventory system. Cost of goods sold for 2024, applying the average cost method, is $171,500. The
company is interested in determining what cost of goods sold would have been if the FIFO or LIFO
methods were used.
Required:
2. Determine the cost of goods sold for 2024 using the LIFO method.
Note: Do not round intermediate calculations.
LIFO cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F323dcf93-d162-453c-b124-a75b72c955f2%2Fd9ed2d28-d01b-4144-b5d4-3d76593b888c%2Fozb4pl9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
A company began 2024 with 29,000 units of inventory on hand. The cost of each unit was $4.00. During
2024, an additional 45,000 units were purchased at a single unit cost, and 39,000 units remained on
hand at the end of 2024 (35,000 units therefore were sold during 2024). The company uses a periodic
inventory system. Cost of goods sold for 2024, applying the average cost method, is $171,500. The
company is interested in determining what cost of goods sold would have been if the FIFO or LIFO
methods were used.
Required:
2. Determine the cost of goods sold for 2024 using the LIFO method.
Note: Do not round intermediate calculations.
LIFO cost of goods sold
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