Lester Company Sells Many Products

question 99

Essay

Lester Company sells many products. Hackenberry is one of its popular items. Below is an analysis of the inventory purchases and sales of Hackenberry for the month of March. Lester Company uses the periodic inventory system. Instructions
(a) Using the FIFO assumption calculate the amount charged to cost of goods sold for March. (Show computations)
(b) Using the weighted average method calculate the amount assigned to the inventory on hand on March 31. (Show computations)
(c) Using the LIFO assumption calculate the amount assigned to the inventory on hand on March 31. (Show computations)

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Definitions:

Ions

Atoms or molecules that have gained or lost one or more electrons, resulting in a net electric charge.

Radioisotopes

Isotopes of an element that are radioactive; they can be used in scientific research, medicine, and industry.

Biological Molecules

Complex molecules made from chains of organic compounds found within living organisms, including proteins, lipids, carbohydrates, and nucleic acids.

Acidic

Having a pH less than 7, characterized by a higher concentration of hydrogen ions, and capable of donating a proton in a chemical reaction.