LIFO periodic inventory system. It had the following transactions Barcal Plates, Inc. (a startup company) sells folding plates using the during the year: • Jan 11 purchased 10 plates at $7 each • Feb 21 sold 2 plates for $30 each • Mar 13 purchased 6 plates at $8 each • Oct 24 purchased 8 plates at $9 each • Dec 22 sold 10 plates for $30 each What is the value of ending inventory at December 31?

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 10RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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I need to figure out the value of ending inventory at December 31? (I can’t figure out the Cost of Goods Sold)
LIFO periodic inventory system. It had the following transactions
Barcal Plates, Inc. (a startup company) sells folding plates using the
during the year:
• Jan 11 purchased 10 plates at $7 each
• Feb 21 sold 2 plates for $30 each
• Mar 13 purchased 6 plates at $8 each
• Oct 24 purchased 8 plates at $9 each
• Dec 22 sold 10 plates for $30 each
What is the value of ending inventory at December 31?
10
$70
$60
S48
$72
$300
$S50
2
8.
10
Totar
36
COGAS = S5o
%3D
Transcribed Image Text:LIFO periodic inventory system. It had the following transactions Barcal Plates, Inc. (a startup company) sells folding plates using the during the year: • Jan 11 purchased 10 plates at $7 each • Feb 21 sold 2 plates for $30 each • Mar 13 purchased 6 plates at $8 each • Oct 24 purchased 8 plates at $9 each • Dec 22 sold 10 plates for $30 each What is the value of ending inventory at December 31? 10 $70 $60 S48 $72 $300 $S50 2 8. 10 Totar 36 COGAS = S5o %3D
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