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Mansfield Company Has a Periodic Inventory System and Uses the LIFO

Question 120

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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:
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
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

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