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Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $12 $1,200 Jan. 20 Purchased inventory 200 @ $14 2,800 Jan. 30 Sold inventory 150 If the Lambeth 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 $ Ending inventory 2$

Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $12 $1,200 Jan. 20 Purchased inventory 200 @ $14 2,800 Jan. 30 Sold inventory 150 If the Lambeth 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 $ Ending inventory 2$

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $12 $1,200 Jan. 20 Purchased inventory 200 @ $14 2,800 Jan. 30 Sold inventory 150 If the Lambeth 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 $ Ending inventory Check
Transcribed Image Text:Inventory Costing Methods and the Periodic Method Lambeth Company experienced the following events in January: Date Events Units Unit Cost Total Cost Jan. 10 Purchased inventory 100 @ $12 $1,200 Jan. 20 Purchased inventory 200 @ $14 2,800 Jan. 30 Sold inventory 150 If the Lambeth 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 $ Ending inventory Check
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