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Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): 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

Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): 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

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 show how they got questions 27, 28, and 29

27) If Lijia's Co. uses the weighted average cost flow assumption, under a perpetual method, the ending inventory value at October 16th 2019 is: a) $600 b) $860 c) $968 d) $1,003 e) None of the above Oct 3rd Beginning Invent.50 units@$10each 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 40 220 260 Ending Inventory Cost of Goods sold Answer in units LIFO periodic CGS 220 LIFO perpetual CGS 220 FIFO periodic CGS 220 FIFO perpetual CGS WA periodic CGS WA perpetual CGS FIFO perpetual EI FIFO periodic EI LIFO perpetual EI LIFO periodic EI WA periodic EI MAFS WA perpetual EI 16th WA perpetual EI 30th MAFS a) $442 b) $452 c) $ 663 d) $678 e) None of the above 220 220 220 40 40 40 40 40 b) 220 units c) 260 units d) 270 units e) None of the above 40 40 260 Units 50 150 120 60 100 Q $ Q 60 12 150 120 11 60 50 10 150 50 10 220 11.04 40 40 40 40 10 40 11.04 80 10.75 40 11.29 120 10.75 100 12 12 10 Unit Cost 10 11 12 $ Q 11 10 12 30 11 20 150 11 20 11.29 Total cost 500 1650 720 $ Q 10 11 10 12 12 29) Merchandise available for sale in Lijia's Co. for the month of October is: a) 210 units $ 10 28) If Lijia's Co. uses the weighted average cost flow assumption, under a perpetual method, the ending inventory value at October 30th 2019 is: Total in $ (2 dec.) 2470 2470 2390 2390 2428.46 2428.80 2418.57 2419.00 480 480 400 400 441.54 860 451.43 451.60 441.60
Transcribed Image Text:27) If Lijia's Co. uses the weighted average cost flow assumption, under a perpetual method, the ending inventory value at October 16th 2019 is: a) $600 b) $860 c) $968 d) $1,003 e) None of the above Oct 3rd Beginning Invent.50 units@$10each 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 40 220 260 Ending Inventory Cost of Goods sold Answer in units LIFO periodic CGS 220 LIFO perpetual CGS 220 FIFO periodic CGS 220 FIFO perpetual CGS WA periodic CGS WA perpetual CGS FIFO perpetual EI FIFO periodic EI LIFO perpetual EI LIFO periodic EI WA periodic EI MAFS WA perpetual EI 16th WA perpetual EI 30th MAFS a) $442 b) $452 c) $ 663 d) $678 e) None of the above 220 220 220 40 40 40 40 40 b) 220 units c) 260 units d) 270 units e) None of the above 40 40 260 Units 50 150 120 60 100 Q $ Q 60 12 150 120 11 60 50 10 150 50 10 220 11.04 40 40 40 40 10 40 11.04 80 10.75 40 11.29 120 10.75 100 12 12 10 Unit Cost 10 11 12 $ Q 11 10 12 30 11 20 150 11 20 11.29 Total cost 500 1650 720 $ Q 10 11 10 12 12 29) Merchandise available for sale in Lijia's Co. for the month of October is: a) 210 units $ 10 28) If Lijia's Co. uses the weighted average cost flow assumption, under a perpetual method, the ending inventory value at October 30th 2019 is: Total in $ (2 dec.) 2470 2470 2390 2390 2428.46 2428.80 2418.57 2419.00 480 480 400 400 441.54 860 451.43 451.60 441.60
Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): 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
Transcribed Image Text:Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): 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
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