CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 46 N Inventory Costing Methods

Question

CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 46 N Inventory Costing Methods and the Periodic Method ot complete Points out of 2.00P Flag question Lambeth Company experienced the following events in January: Date Event Units ürsit Cost Tosal Cast $19 $1,900 $21 $4,200 Jan. 10 Purchased inventory 100@ Jan. 20 Purchased inventory 200 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. Cost of goods sold $ Ending inventory Check

Explanation / Answer

Calculate cost of goods sold and ending inventory under FIFO periodic method :

Cost of goods sold (100*19+50*21) 2950 Ending inventory (150*21) 3150

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