Use the following information to answer questions (Round to 2 decimal places):The following information has been extracted from the records of Due North Sales (DNS) Co.:January 1January 9January 15January 25Beginning InventoryBoughtSoldBoughtMultiple ChoiceIf Due North Sales (DNS) uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for January, is:$42,300$33,804None of the other alternatives are correct$32,500550 units @ $26 each1,000 units @ $28 each1,200 units @ $40 each750 units @ $30 each$32,748

Under FIFO Method inventory sold out on first in an out basis in which item is sold according to…

Use the following information to answer questions (Round to 2 decimal places): The following information has been extracted from the records of Due North Sales (DNS) Co.: January 1 January 9 January 15 January 25 Multiple Choice If Due North Sales (DNS) uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for January, is: O Beginning Inventory Bought Sold Bought O $42,300 $33,804 None of the other alternatives are correct 550 units@ $26 each. 1,000 units @ $28 each. 1,200 units @ $40 each 750 units @ $30 each $32,500

Use the following information to answer questions (Round to 2 decimal places): The following information has been extracted from the records of Due North Sales (DNS) Co.: January 1 January 9 January 15 January 25 Multiple Choice If Due North Sales (DNS) uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for January, is: O Beginning Inventory Bought Sold Bought O $42,300 $33,804 None of the other alternatives are correct 550 units@ $26 each. 1,000 units @ $28 each. 1,200 units @ $40 each 750 units @ $30 each $32,500

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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PLEASE HELP ME ANSWER IT AS SOON AS POSSIBLE Baron Company uses a periodic inventory system. For February, when the company sold 630 units, the following information is available 1. Fill the Total cost column in the table (attached)2. Compute the February 28 inventory and the February cost of goods sold using:a) the average-cost method b) FIFO method
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