Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold.Consider the following information:

What amounts would be reported as the cost of goods sold and ending inventory balances for the period?
A) Cost of goods sold $625; Ending inventory $175
B) Cost of goods sold $755; Ending inventory $225
C) Cost of goods sold $550; Ending inventory $250
D) Cost of goods sold $600; Ending inventory $200

Question

Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold.Consider the following information:

What amounts would be reported as the cost of goods sold and ending inventory balances for the period?
A) Cost of goods sold $625; Ending inventory $175 
B) Cost of goods sold $755; Ending inventory $225 
C) Cost of goods sold $550; Ending inventory $250 
D) Cost of goods sold $600; Ending inventory $200

Quizplus · Accepted Answer

The Answer of Mansfield Company has a periodic inventory system and uses the LIFO method to assign costs to inventory and cost of goods sold.Consider the following information:

What amounts would be reported as the cost of goods sold and ending inventory balances for the period?
A) Cost of goods sold $625; Ending inventory $175 
B) Cost of goods sold $755; Ending inventory $225 
C) Cost of goods sold $550; Ending inventory $250 
D) Cost of goods sold $600; Ending inventory $200

Mansfield Company Has a Periodic Inventory System and Uses the LIFO