Maggie Ltd. had 50 units of the commodity Algo on hand at 1 September 2020. The...

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Maggie Ltd. had 50 units of the commodity Algo on hand at 1 September 2020. The following purchases and sales were made during September: Opening Balance Purchased Sales September 1: 50 units @$200 September 3: 500 units @$280 September 7: 420 units September 12: 200 units @ $250 September 27: 300 units September 25: 150 units @ $210 What was the value of cost of goods sold to Algo using the LIFO assumption? Type your answer in the box below. Please only enter the number and DO NOT include any dollar sign comma. Solution: opening Inventory 2$ Plus: Purchase 2$ Less: Ending Inventory $ COGS Maggie Ltd. had 50 units of the commodity Algo on hand at 1 September 2020. The following purchases and sales were made during September: Opening Balance Purchased Sales September 1: 50 units @$200 September 3: 500 units @$280 September 7: 420 units September 12: 200 units @ $250 September 27: 300 units September 25: 150 units @ $210 What was the value of cost of goods sold to Algo using the LIFO assumption? Type your answer in the box below. Please only enter the number and DO NOT include any dollar sign comma. Solution: opening Inventory 2$ Plus: Purchase 2$ Less: Ending Inventory $ COGS

Answer rating: 100% (QA)

Opening Inventory 10000 Plus Purchases 221500 Less Closing Inventory 46400 C... View the full answer