If the company uses a LIFO periodic inventory system, what was the cost of the inventory on hand after the February 26th sale and the Cost of Goods Sold for the whole month of February?

Transcribed Image Text:

Date Feb Unit cost/sales price Transactions Units Beginning inventory 300 $15 4. 9 Purchase 12 Sale 17 Purchase 26 Sale 100 320 150 18 27 20 100 30 Mutple Choice Inventory on Hand $1950 Cost of Goods Sold $7350 None of the other alternatives are corect Inventory on Hand $2.200 Cost of Goods Sold $7.350 Inventory on Hand S1950 Cost of Goods Sold $7,100 Inventory on Hand $2.200 Cost of Goods Sold $7100 Date Feb Unit cost/sales price Transactions Units Beginning inventory 300 $15 4. 9 Purchase 12 Sale 17 Purchase 26 Sale 100 320 150 18 27 20 100 30 Mutple Choice Inventory on Hand $1950 Cost of Goods Sold $7350 None of the other alternatives are corect Inventory on Hand $2.200 Cost of Goods Sold $7.350 Inventory on Hand S1950 Cost of Goods Sold $7,100 Inventory on Hand $2.200 Cost of Goods Sold $7100

Answer rating: 100% (QA)

Answer Inventory on hand 1950 Cost of Goods Sold 7350 Explana... View the full answer