SE7-8.Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol-lowing events in January:Unit CostDateEventUnitsTotal CostJan. 10Purchased inventory.Purchased inventory.100$12$1,200Jan. 20200142,800Jan. 30Sold inventory.150If the Lambeth Company uses the FIFO inventory costing method, calculate the company’s cost ofgoods sold and its ending inventory as of January 31 assuming the periodic method.

Name: SE7-8.Inventory Costing Methods and the Periodic Method Lambeth Compa
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Description: SE7-8.Inventory Costing Methods and the Periodic Method Lambeth Company experienced the fol-lowing events in January:Unit CostDateEventUnitsTotal CostJan. 10Purchased inventory.Purchased inventory.100$12$1,200Jan. 20200142,800Jan. 30Sold inventory.1

FIFO: FIFO stands for First-In, First-Out. As its name suggest, this method assumes that the oldest…

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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory Costing Methods and the Periodic MethodKay & Company experienced the following events in March: Date Event Units Unit Cost Total Cost Mar. 1 Purchased inventory 100 @ $16 $1,600 Mar. 3 Sold inventory 60 Mar. 15 Purchased inventory 100 @ 18 $1,800 Mar. 20 Sold inventory 40 If Kay & Company uses the weighted-average cost method, calculate the company’s cost of goods sold and ending inventory as of March 31 assuming the periodic method.(Round answer to two decimal places, if needed.)
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Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
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