Amelia, Inc. uses a perpetual system. The inventory data for an item for January are: Jan...

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Amelia, Inc. uses a perpetual system. The inventory data for an item for January are: Jan 1 Beginning Inventory, 10 units at $2 each $ 20 4 Sold 8 units at $10 each 80 22 200 Purchased 50 units at $4 each 26 Sold 48 units at $10 each 480 10a. What is the cost of merchandise sold for January if the company uses LIFO? 10b. What is the ending inventory for January if the company uses LIFO? 10c. What what is the cost of merchandise sold for January if the company uses FIFO? 10d. What is the ending inventory for January if the company uses FIFO? Amelia, Inc. uses a perpetual system. The inventory data for an item for January are: Jan 1 Beginning Inventory, 10 units at $2 each $ 20 4 Sold 8 units at $10 each 80 22 200 Purchased 50 units at $4 each 26 Sold 48 units at $10 each 480 10a. What is the cost of merchandise sold for January if the company uses LIFO? 10b. What is the ending inventory for January if the company uses LIFO? 10c. What what is the cost of merchandise sold for January if the company uses FIFO? 10d. What is the ending inventory for January if the company uses FIFO?

Answer rating: 100% (QA)

10 aIn a perpetual inventory system the Cost of Goods Sold COGS and the ending inventory balance are updated continuously throughout the period Under ... View the full answer