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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11E: Alternative Inventory Methods Nevens Company uses a periodic inventory system. During November, the...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36412e8c-1315-4767-bae1-2fcc926384e1%2Fbd8d5bf1-ba9c-433c-a914-59f828ae0fca%2Foirkau9_processed.png&w=3840&q=75)
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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