Shown below is the activity for one of the products of Random Creations:January 1 balance, 80 units @ $50 $4,000Purchases:January 18:January 28:Sales:40 units @ $5140 units @ $52January 12:January 22:January 31:30 units30 units45 unitsRequired:Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodicinventory system.Ending inventoryCost of goods sold

Name: Shown below is the activity for one of the products of Random Creatio
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Description: Shown below is the activity for one of the products of Random Creations:January 1 balance, 80 units @ $50 $4,000Purchases:January 18:January 28:Sales:40 units @ $5140 units @ $52January 12:January 22:January 31:30 units30 units45 unitsRequired:Compu

LIFO: LIFO stands for Last-In, First-Out. In this method inventory purchased at last will be sell…

Business

Accounting

Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: January 12: January 22: January 31: 40 units @ $51 40 units e s52 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold

Shown below is the activity for one of the products of Random Creations: January 1 balance, 80 units @ $50 $4,000 Purchases: January 18: January 28: Sales: January 12: January 22: January 31: 40 units @ $51 40 units e s52 30 units 30 units 45 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Random Creations uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold

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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