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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
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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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
Transcribed Image Text: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
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