please explain these answers 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 eachOct 9th Bought 150 units @ $11 eachOct 15th Sold 120 units @ $20 eachOct 23rd Bought 60 units @ $12 eachOct 29th Sold 100 units @ $20 each 24) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the endinginventory value at October 31st 2019 is:a) $600b) $500c) $480d) $400e) None of the above25) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the ending inventoryvalue at October 31st 2019 isa) $600b) $500c) $480d) $400e) None of the above34 Page26) If Lijia's Co. uses the weighted average cost flow assumption, under a periodic method, theending inventory value at October 31st 2019 isa) $442b) $452c) $ 663d) $678e) None of the above

Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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