Answered step by step
Verified Expert Solution
Question
1 Approved Answer
using the LIFO assumption, ( last in - first out ) how many units were sold during march? am i right? Lexcorp had the following
using the LIFO assumption, ( last in - first out ) how many units were sold during march? am i right? Lexcorp had the following activity during March 2020: Date 18.00 Activity Beginning Inventory Purchase Sale Purchase Sale Purchase Sale Units 3/12020 3/5/2020 3/8/2020 3/14/2020 3/19/2020 3/22/2020 3/27/2020 Purchase Cost per Unit Sale Price per Unit 4 7.00 16 8.00 9 11 10.00 14 21 1100 24 18.00 20.00 Answer the following questions using the information provided above. For your convience, questions 34 through 42 are presented below. The question to be answered on this screen has been underlined 34. Using the FIFO Assumption, how many units were sold during March? 35. Using the FIFO Assumption, what was the total cost of Goods Sold during March? (hint Answer should be in dollars) 36. Using the FIFO Assumption, what was the Ending Inventory for March? Mint Answer should be in dollars) 37 Using the LIFO Assumption, how many units were sold during March? 38. Using the LIFO Assumption, what was the total cost of Goods Sold during March? (hint Answer should be in dollars) 39. Using the LIFO Assumption, what was the Ending Inventory for March?thint Answer should be in dollars) 40. Using the Weighted Average Assumption, how many units were sold during March? 41. Using the weighted Average Assumption, what was the total cost of Goods Sold during March? (hint: Answer should be in dollars) 42. Using the weighted Average Assumption, what was the Ending Inventory for March? (hint: Answer should be in dollars) Numeric Response 47
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started