Lee Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1, 1,000 units at $20 (Cost) 2. Purchase 1, April 9, 1,200 units at $23 (cost) 3. Sold 1, April 12, 2,100 units at $40 (Retail) 4. Purchase 2, April 22, 800 units at $25 (Cost) If Lee uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? Oa. $18,000 Ob. $22,300 Oc. $45,300 Od. $49,600

Lee Ltd. has the following units and costs for the month of April. 1. Beginning inventory, April 1, 1,000 units at $20 (Cost) 2. Purchase 1, April 9, 1,200 units at $23 (cost) 3. Sold 1, April 12, 2,100 units at $40 (Retail) 4. Purchase 2, April 22, 800 units at $25 (Cost) If Lee uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? Oa. $18,000 Ob. $22,300 Oc. $45,300 Od. $49,600

Name: Lee Ltd. has the following units and costs for the month of April.1.
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Description: Lee Ltd. has the following units and costs for the month of April.1. Beginning inventory, April 1, 1,000 units at $20 (Cost)2. Purchase 1, April 9, 1,200 units at $23 (cost)3. Sold 1, April 12, 2,100 units at $40 (Retail)4. Purchase 2, April 22, 800

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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