Question
Lightner Inc. has the following inventory information available for the month of November: Date Description Number of Units Cost per Unit Nov 1 Beginning inventory
Lightner Inc. has the following inventory information available for the month of November: Date Description Number of Units Cost per Unit Nov 1 Beginning inventory 20 units $80 Nov. 5 Sales 15 units sold Nov. 12 Purchase 35 units $90 Nov. 25 Sales 25 units sold Required: Answer each of the following three questions. Do not include decimals or cents in the numerical responses. Item Question Answer
a. If the company uses the perpetual FIFO method, what is the cost of goods sold for November?
b. If the company uses the periodic LIFO method, what is the cost of goods sold for November?
c. If the company uses the perpetual LIFO method, what is the cost of goods sold for November?
Step by Step Solution
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Step: 1
a If the company uses the perpetual FIFO method the cost of goods sold for November can be calculate...
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Managerial Accounting
Authors: Karen Wilken Braun, Wendy Tietz, Walter Harrison, Rhonda Pyp
1st Canadian Edition
978-0132490252, 132490250, 978-0176223311
