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Use following information to answer the next two questions. Company K uses a periodic inventory system and has the following sales and purchases for the
Use following information to answer the next two questions.
Company K uses a periodic inventory system and has the following sales and purchases for the month of May:
May 1 | Balance | 298 units @ $10 | May 10 | Sold | 196 units @ $24 | |||||
11 | Purchased | 797 units @ $12 | 15 | Sold | 490 units @ $26 | |||||
20 | Purchased | 511 units @ $14 | 27 | Sold | 292 units @ $28 |
Compute the cost of goods sold under LIFO inventory method:
- A.
10,758
- B.
$12,758
- C.
$11,578
- D.
9,650
Using information above, compute the ending inventory under the LIFO method:
- A. $7,940
- B. 10,150
- C. $8,940
- D. $6,940
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