Question

P Flag question Select one: O True O False Question 19 Not yet answered [The following information applies to the questions displayed below.) Marked out of 1.00 Remove flag Venus Wholesale Co. started carrying a new product in December. Purchases and sales of this product during the month were: Dec 28 Purchased 100 units at $80 per unit. Dec 26 Sold 80 units. Dec 28 Purchased 100 units at $90 per unit. At year-end, Venus restates the carrying value of its inventory using periodic LIFO costing procedures. Under periodic costing procedures, the LIFO cost of the inventory is: Select one: a. $9,800 b. $10,600 c. $10,800. O d. $8,000. Question 20 Shrek Cyclery sells a bicycle to W. O'Connor, a customer who uses Empress Charge (a national credit card but not issued

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Answer 1

Cost of Goods sold = 80 * $90 = $7200

Calculation of Ending Inventory :- (Using Periodic LIFO Method)

Date	Units	Rate	Total Amount($)
Dec 20	100	$80	8000
Dec 28	(100-80)=20	$90	1800
Total	120		9800

The Answer is A. 9800.