FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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SE7-8.
Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol-
lowing events in January:
Unit Cost
Date
Event
Units
Total Cost
Jan. 10
Purchased inventory.
Purchased inventory.
100
$12
$1,200
Jan. 20
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.
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Transcribed Image Text:SE7-8. Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol- lowing events in January: Unit Cost Date Event Units Total Cost Jan. 10 Purchased inventory. Purchased inventory. 100 $12 $1,200 Jan. 20 200 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.
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