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The following information has been extracted from the 2018 records of BAS Company.: August 1st Beginning Inventory 50 units @ $10 each August 7th August 13th Bought 150 units @ $12 each Sold 120 units @ $20 each Bought 60 units @ $15 each August 24th August 27th Sold 100 units @ $22 each 8. If BAS Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2.708 d) $2,800 e) None of the above Answer D: 60 x 15 + 150 x 12+ 10 x 10 Copyright York University - School of Administrative Studies 2018 Ⓒ 9. If BAS Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2.708 d) $2,800 e) None of the above Answer E: 60 x 15 + 150 x 12 + 10 x 10 10. If BAS Co. uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2.680 c) $2,708 d) $2,800 e) None of the above Answer C: (60 x 15 + 150 x 12 + 50 x 10) / 260) x 220 23 11. If BAS Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2,708 $2,800 d) e) None of the above

The following information has been extracted from the 2018 records of BAS Company.: August 1st Beginning Inventory 50 units @ $10 each August 7th August 13th Bought 150 units @ $12 each Sold 120 units @ $20 each Bought 60 units @ $15 each August 24th August 27th Sold 100 units @ $22 each 8. If BAS Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2.708 d) $2,800 e) None of the above Answer D: 60 x 15 + 150 x 12+ 10 x 10 Copyright York University - School of Administrative Studies 2018 Ⓒ 9. If BAS Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2.708 d) $2,800 e) None of the above Answer E: 60 x 15 + 150 x 12 + 10 x 10 10. If BAS Co. uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2.680 c) $2,708 d) $2,800 e) None of the above Answer C: (60 x 15 + 150 x 12 + 50 x 10) / 260) x 220 23 11. If BAS Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2,708 $2,800 d) e) None of the above

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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can you please explain why they are multiplying by 220 in question 10 and also explain how they get the answer in question 11?

The following information has been extracted from the 2018 records of BAS Company.: August 1st Beginning Inventory 50 units @ $10 each August 7th August 13th Bought 150 units @ $12 each Sold 120 units @ $20 each August 24th Bought 60 units @ $15 each August 27th Sold 100 units @ $22 each 8. If BAS Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2,708 d) $2,800 e) None of the above Answer D: 60 x 15 + 150 x 12 + 10 x 10 Copyright York University - School of Administrative Studies 2018 © 9. If BAS Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 $2,708 c) d) $2,800 e) None of the above Answer E: 60 x 15 + 150 x 12 + 10 x 10 10. If BAS Co. uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 $2,708 c) d) $2,800 e) None of the above Answer C: (60 x 15 + 150 x 12 + 50 x 10) / 260) x 220 23 11. If BAS Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2.708 d) $2,800 e) None of the above Answer B
Transcribed Image Text:The following information has been extracted from the 2018 records of BAS Company.: August 1st Beginning Inventory 50 units @ $10 each August 7th August 13th Bought 150 units @ $12 each Sold 120 units @ $20 each August 24th Bought 60 units @ $15 each August 27th Sold 100 units @ $22 each 8. If BAS Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2,708 d) $2,800 e) None of the above Answer D: 60 x 15 + 150 x 12 + 10 x 10 Copyright York University - School of Administrative Studies 2018 © 9. If BAS Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 $2,708 c) d) $2,800 e) None of the above Answer E: 60 x 15 + 150 x 12 + 10 x 10 10. If BAS Co. uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 $2,708 c) d) $2,800 e) None of the above Answer C: (60 x 15 + 150 x 12 + 50 x 10) / 260) x 220 23 11. If BAS Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for August 2018, is: a) $600 b) $2,680 c) $2.708 d) $2,800 e) None of the above Answer B
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