27. Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers: During the year, 750 laptop computers were sold. What was ending inventory using the FIFO cost flow assumption? A. $60,000 B. $52,500 C. $52,000 D. $40,000 Ending inventory ($52,500) = ($1,050 50) AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting, Measurement Blooms: Apply Difficulty: Medium Learning Objective: 07-02 Report inventory and cost of goods sold using the four inventory costing methods. Chapter 07 Libby - #38 Topic Area: Inventory Costing Methods 28. Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers: During the year, 750 laptop computers were sold. What was cost of goods sold using the LIFO cost flow assumption? A. $717,500 B. $730,000 C. $703,125 D. $725,500 Cost of goods sold ($730,000) = (200 $1,050) + (300 $1,000) + (200 $900) + (50 $800) AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting, Measurement Blooms: Apply Difficulty: Medium Learning Objective: 07-02 Report inventory and cost of goods sold using the four inventory costing methods. Chapter 07 Libby - #40 Topic Area: Inventory Costing Methods
27. Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers: During the year, 750 laptop computers were sold. What was ending inventory using the FIFO cost flow assumption? A. $60,000 B. $52,500 C. $52,000 D. $40,000 Ending inventory ($52,500) = ($1,050 50) AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting, Measurement Blooms: Apply Difficulty: Medium Learning Objective: 07-02 Report inventory and cost of goods sold using the four inventory costing methods. Libby - Chapter 07 #38 Topic Area: Inventory Costing Methods 28. Lauer Corporation uses the periodic inventory system and has provided the following information about one of their laptop computers: During the year, 750 laptop computers were sold. What was cost of goods sold using the LIFO cost flow assumption? A. $717,500 B. $730,000 C. $703,125 D. $725,500 Cost of goods sold ($730,000) = (200 $1,050) + (300 $1,000) + (200 $900) + (50 $800) AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Reporting, Measurement Blooms: Apply Difficulty: Medium Learning Objective: 07-02 Report inventory and cost of goods sold using the four inventory costing methods. Libby - Chapter 07 #40 Topic Area: Inventory Costing Methods
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