The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 $2,380 j) None of the above

The following information has been extracted from the October 2019 records of Lijia's Company: Oct 3rd Beginning Inventory 50 units @ $10 each Oct 9th Bought 150 units @ $11 each Oct 15th Sold 120 units @ $20 each Oct 23rd Bought 60 units @ $12 each Oct 29th Sold 100 units @ $20 each 16) If Lijia's Co. uses the LIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 17) If Lijia's Co. uses the LIFO cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 i) $2,380 j) None of the above 18) If Lijia's Co. uses the FIFO cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,390 g) $2,470 h) $2,270 $2,380 j) None of the above

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...

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