Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and the cost of goods sold. Consider the following information: Date Description No. of units Cost per unit $5 75 $4 January 1 Beginning inventory 100 October 2 Purchase December 5 Sales 125 What amounts would be reported as the cost of goods sold and ending inventory balances for the period? A. Cost of goods sold $625; Ending inventory $175 B. Cost of goods sold $755; Ending inventory $225 C. Cost of goods sold $550; Ending inventory $250 D. Cost of goods sold $600; Ending inventory $200

Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and the cost of goods sold. Consider the following information: Date Description No. of units Cost per unit $5 75 $4 January 1 Beginning inventory 100 October 2 Purchase December 5 Sales 125 What amounts would be reported as the cost of goods sold and ending inventory balances for the period? A. Cost of goods sold $625; Ending inventory $175 B. Cost of goods sold $755; Ending inventory $225 C. Cost of goods sold $550; Ending inventory $250 D. Cost of goods sold $600; Ending inventory $200

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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