FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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please explain how they get these answers?

Use the following information to answer Questions 16 to 29
(Round to 2 decimal places the unit cost, round to zero decimal places the total cost):
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
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Transcribed Image Text:Use the following information to answer Questions 16 to 29 (Round to 2 decimal places the unit cost, round to zero decimal places the total cost): 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
20) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of
goods sold for October 2019, is:
f) $2,429
g) $2,419
h) $2,325
i) $2,312
j) None of the above
21) If Lijia's Co. uses the Weighted Average cost flow assumption, under a perpetual method, the
cost of goods sold for October 2019, is:
a) $2,429
b) $2,419
c) $2,325
d) $2,312
e) None of the above
22) If Lijia's Co. uses the FIFO cost flow assumption, under a perpetual method, the ending inventory
value at October 31st 2019 is:
a) $600
b) $500
c) $480
d) $400
e) None of the above
expand button
Transcribed Image Text:20) If Lijia's uses the Weighted Average cost flow assumption, under a periodic method, the cost of goods sold for October 2019, is: f) $2,429 g) $2,419 h) $2,325 i) $2,312 j) None of the above 21) If Lijia's Co. uses the Weighted Average cost flow assumption, under a perpetual method, the cost of goods sold for October 2019, is: a) $2,429 b) $2,419 c) $2,325 d) $2,312 e) None of the above 22) If Lijia's Co. uses the FIFO cost flow assumption, under a perpetual method, the ending inventory value at October 31st 2019 is: a) $600 b) $500 c) $480 d) $400 e) None of the above
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