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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
Transcribed Image Text:24) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the ending
inventory value at October 31st 2019 is:
a) $600
b) $500
c) $480
d) $400
e) None of the above
25) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the ending inventory
value at October 31st 2019 is
a) $600
b) $500
c) $480
d) $400
e) None of the above
34 Page
26) If Lijia's Co. uses the weighted average cost flow assumption, under a periodic method, the
ending inventory value at October 31st 2019 is
a) $442
b) $452
c) $ 663
d) $678
e) None of the above
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