Beginning inventory, purchases, and sales for Item 88-HX are as follows: 106 units @ $27 85 units Mar. 1 8 15 27 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. Inventory Sale Purchase a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31 118 units @ $30 99 units

Beginning inventory, purchases, and sales for Item 88-HX are as follows: 106 units @ $27 85 units Mar. 1 8 15 27 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. Inventory Sale Purchase a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31 118 units @ $30 99 units

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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