Beginning inventory, purchases, and sales for Item 88-HX are as follows: 82 units $18 66 units 15 Purchase 91 units @ $22 27 Sale 76 units 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 32 X Mar. 1 8: Inventory Sale a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 311 X

Beginning inventory, purchases, and sales for Item 88-HX are as follows: 82 units $18 66 units 15 Purchase 91 units @ $22 27 Sale 76 units 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 32 X Mar. 1 8: Inventory Sale a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 311 X

Name: Please do not give solution in image format thanku Perpetual Inventory
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Description: Please do not give solution in image format thanku Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:82 units@ $1866 units1591 units $2227 Sale76 unitsAssuming a perpetual inventory system and using

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Please do not give solution in image format thanku

Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
82 units@ $18
66 units
15
91 units $22
27 Sale
76 units
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.
a. Cost of goods sold on Mar. 27
X
X
b. Inventory on Mar. 31
Mar. 1
8
Inventory
Sale
Purchase

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