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Please slove the ans 1,2,thanks 1. Lumley Company uses the perpetual inventory...

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Accounting

Please slove the ans 1,2,thanks image
1. Lumley Company uses the perpetual inventory system. The following information is available for the month of May May 1Beginning inventory 10 units @ 6 10 Purchase 120 units 8 15 Sales 15 units 18 Purchase 10 units 19 21 Sales 20 units 30 Purchase 10 units 10 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May (a). Using the FIFO assumption, calculate cost of goods sold and the value of the ending inventory for the month of March (b) Using the moving - average cost method, calculate cost of goods sold and the value of the ending inventory for the month of March (a) cost of goods sold Sending inventory for the month of March (b) cost of goods sold ending Inventory for the month of March (16.661 2 Lee Company reported net income of $70,000 in 2019 and 590,000 in 2020. However, ending inventory was overstated by 57.000 in 2019 instructions Compute the correct net income for Moore Company for 2019 and 2020. 2010 correct net income 2020 correct net income

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