Suppose that Pharoah has the following inventory data:July 1Beginning inventory25 units at $5.005Purchases101 units at $5.5014Sale67 units21Purchases50 units at $6.0030Sale47 unitsAssuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?O $650.50○ $980.50O $330.00O $485.00

The following inventory methods used for inventory valuation as follows under:--Specific…

Answered: Assuming that a perpetual inventory…

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 O $980.50 O $330.00 O $485.00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Suppose that Pharoah has the following inventory data:
July 1
Beginning inventory
25 units at $5.00
5
Purchases
101 units at $5.50
14
Sale
67 units
21
Purchases
50 units at $6.00
30
Sale
47 units
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
O $650.50
○ $980.50
O $330.00
O $485.00

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