Accounting Practice Problems Periodic Inventory - FIFO, LIFO, and Average Cost Practice Problems Solution: Lauer Corporation uses the periodic inventory syst...

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Solution: Lauer Corporation uses the periodic inventory system and the following information about their laptop computer is available: During the year, 750 laptop computers were sold. What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption? a. $56,000 and $714,000. b. $45,000 and $725,000. c. $40,000 and $730,000. d. None of the answers is correct.

Problem

Lauer Corporation uses the periodic inventory system and the following information about their laptop computer is available:

During the year, 750 laptop computers were sold.

What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?

a. $56,000 and $714,000.

b. $45,000 and $725,000.

c. $40,000 and $730,000.

d. None of the answers is correct.