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Inventory Costing Methods and the Periodic Method Lamb Company experienced the following events in January: Date Event Units   Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $14 $1,400 Jan. 20 Purchased inventory 200 @ 16 $3,200 Jan. 30 Sold inventory 150       If the Lamb Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method. Cost of goods sold Answer   Ending inventory Answer

Inventory Costing Methods and the Periodic Method Lamb Company experienced the following events in January: Date Event Units   Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $14 $1,400 Jan. 20 Purchased inventory 200 @ 16 $3,200 Jan. 30 Sold inventory 150       If the Lamb Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method. Cost of goods sold Answer   Ending inventory Answer

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 14RE: On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing....
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Inventory Costing Methods and the Periodic Method
Lamb Company experienced the following events in January:

Date Event Units   Unit Cost Total Cost
Jan. 10 Purchased inventory 100 @ $14 $1,400
Jan. 20 Purchased inventory 200 @ 16 $3,200
Jan. 30 Sold inventory 150      

If the Lamb Company uses the FIFO inventory costing method, calculate the company’s cost of goods sold and its ending inventory as of January 31 assuming the periodic method.

Cost of goods sold Answer
 
Ending inventory Answer
 
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