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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of La Fleur, Inc. for an operating period. Units Unit Total Units Cost Cost Sold Beginning Inventory 30 $28 $ 840 Sale No. 1 20 Purchase No. 1 50 40 2,000 Sale No. 2 40 Purchase No. 2 20 44 880 Totals 200 $3,720 60 Assuming La Fleur, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: $1,120 $1,600 $1,480 $1.760

The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of La Fleur, Inc. for an operating period. Units Unit Total Units Cost Cost Sold Beginning Inventory 30 $28 $ 840 Sale No. 1 20 Purchase No. 1 50 40 2,000 Sale No. 2 40 Purchase No. 2 20 44 880 Totals 200 $3,720 60 Assuming La Fleur, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: $1,120 $1,600 $1,480 $1.760

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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The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of La Fleur, Inc. for an operating period. Units Unit Cost Total Units Cost Sold Beginning Inventory 30 $28 $840 Sale No. 1 20 Purchase No. 1 50 40 2,000 Sale No. 2 40 Purchase No. 2 Totals 20 44 880 200 $3,720 60 Assuming La Fleur, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: $1,120 $1,600 $1,480 $1,760
Transcribed Image Text:The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of La Fleur, Inc. for an operating period. Units Unit Cost Total Units Cost Sold Beginning Inventory 30 $28 $840 Sale No. 1 20 Purchase No. 1 50 40 2,000 Sale No. 2 40 Purchase No. 2 Totals 20 44 880 200 $3,720 60 Assuming La Fleur, Inc. uses LIFO perpetual inventory procedures, sale no. 2 is recorded as an entry to Cost of Goods Sold for: $1,120 $1,600 $1,480 $1,760
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