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The following information is for questions 1-4. Given the following information for LazyBoy Furniture Company in 2018, calculate the company's ending inventor and cost of
The following information is for questions 1-4. Given the following information for LazyBoy Furniture Company in 2018, calculate the company's ending inventor and cost of goods sold, using the following inventory costing methods, assuming the company uses the perpetual system: 2018 Units Unit Cost Total Cost Jan 1 Beginning Inventory 10 $60 $600 Purchases March 28 Purchase 20 66 1,320 Purchase 20 70 1,400 Oct 14 Purchase 76 1,900 Goods Available for Sale 75 $5,220 Aug 22 25 Sales May 1 Sales October 28 Sales Total Revenue 25 20 45 Unit Sales Price $100 $100 Revenue $2,500 $2,000 $4,500 1. Using Weighted Average cost method, the ending inventory is A. $2,080 B. $2,172 C. $2,970 D. $3,048 2. Using FIFO cost method, cost of goods sold is A. $2,080 B. $2,172 C. $2,970 D. $3,048 3. Using LIFO cost method, the ending inventory is A. $2,080 B. $2,250 C. $3,140 D. $3,248 4. Using LIFO cost method, cost of goods sold is A. $2,080 B. $2,172 C. $3,140 D. $3,248
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