On December 1, 2022, Matthias Company had the following account balances. Debit Credit Cash Accumulated Depreciation—Equ
Posted: Sun Jul 03, 2022 3:49 pm
On December 1, 2022, Matthias Company had the following accountbalances.
Debit
Credit
Cash
Accumulated Depreciation—Equipment
Accounts Receivable
Accounts Payable
Inventory
Common Stock
Equipment
Retained Earnings
*(2,900 x $0.60)The following transactions occurred during December.
Dec. 3
5
7
17
22
Adjustment data:
1.
2.
Compute ending inventory and cost of goods sold under LIFO,assuming Matthias Company uses the periodic inventory system.
Ending Inventory
$enter the ending inventory amount in dollars
Cost of Goods Sold
$enter the cost of goods sold amount in dollars
I need help finding the cost of goods sold under LIFO. Pleaseand Thank you!
Debit
Credit
Cash
Accumulated Depreciation—Equipment
Accounts Receivable
Accounts Payable
Inventory
Common Stock
Equipment
Retained Earnings
*(2,900 x $0.60)The following transactions occurred during December.
Dec. 3
5
7
17
22
Adjustment data:
1.
2.
Compute ending inventory and cost of goods sold under LIFO,assuming Matthias Company uses the periodic inventory system.
Ending Inventory
$enter the ending inventory amount in dollars
Cost of Goods Sold
$enter the cost of goods sold amount in dollars
I need help finding the cost of goods sold under LIFO. Pleaseand Thank you!