erpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:Mar. 1 Inventory110 units @ $208 Sale88 units15 Purchase122 units @ $2327 Sale102 unitsAssuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31.a. Cost of goods sold on Mar. 27$fill in the blank 1b. Inventory on Mar. 31$fill in the blank 2 I asked this before 42 is not being accepted as the answer. Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:Mar. 1Inventory110 units @ $208Sale88 units15Purchase122 units @ $2327Sale102 unitsAssuming 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$42,346b. Inventory on Mar. 31$442 XFeedbackCheck My Worka. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. Think of your inventory in terms of "layers."Determine how much inventory remains from each layer after each sale.b. The ending inventory is made up of the oldest purchases.

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Description: erpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:Mar. 1 Inventory110 units @ $208 Sale88 units15 Purchase122 units @ $2327 Sale102 unitsAssuming a perpetual inventory system and using the last-in, f

Answer - Calculation of Inventory on March 31 - Particulars Amount 22 Units @20 440 20…

Answered: Beginning inventory, purchases, and…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 4E: Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual...

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erpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Mar. 1	Inventory	110 units @ $20
8	Sale	88 units
15	Purchase	122 units @ $23
27	Sale	102 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	$fill in the blank 1
b. Inventory on Mar. 31	$fill in the blank 2

I asked this before 42 is not being accepted as the answer.

Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Mar. 1
Inventory
110 units @ $20
8
Sale
88 units
15
Purchase
122 units @ $23
27
Sale
102 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
$4
2,346
b. Inventory on Mar. 31
$4
42 X
Feedback
Check My Work
a. When the LIFO method is used, the cost of the units sold is the cost of the most recent purchases. Think of your inventory in terms of "layers."
Determine how much inventory remains from each layer after each sale.
b. The ending inventory is made up of the oldest purchases.

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