Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units @ $30 5 Sale 67 units 11 Purchase 93 units @ $33 21 Sale 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31
Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units @ $30 5 Sale 67 units 11 Purchase 93 units @ $33 21 Sale 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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