Question
Using the data below, what is the cost of goods sold for January 2020 if LIFO perpetual is used? 1 jan Beginning Inventory quantity 2,000
Using the data below, what is the cost of goods sold for January 2020 if LIFO perpetual is used?
1 jan Beginning Inventory quantity 2,000 cost $1
8 jan Purchase quantity 1,200 cost $3
12 Jan Sales (sold for 10$ each) quantity 1800
15 jan purchase quantity 800 cost $ 5
1200
5400
4600
4200
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Managerial Accounting, 1, (6 Months)
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
14th Edition
1337270814, 9781337270816
