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The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 $2,380 j) None of the above

The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 $2,380 j) 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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how did they get these answers, and what does lifo/fifo cost flow assumption mean as well as what does perpetual and periodic method mean

The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above
Transcribed Image Text:The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above
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