ЕE 7-3 р. 353 PE 7-3A Perpetual inventory using LIFO OBJ. 3 Show Ме How Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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ЕE 7-3 р. 353
PE 7-3A Perpetual inventory using LIFO
OBJ. 3
Show
Me
How
Beginning inventory, purchases, and sales for Item Gidget are as follows:
Sept. 1
Inventory
80 units at $175
10
Sale
65 units
18
Purchase
75 units at $180
27
Sale
70 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method,
determine (a) the cost of merchandise sold on September 27 and (b) the inventory on
September 30.
Transcribed Image Text:ЕE 7-3 р. 353 PE 7-3A Perpetual inventory using LIFO OBJ. 3 Show Me How Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept. 1 Inventory 80 units at $175 10 Sale 65 units 18 Purchase 75 units at $180 27 Sale 70 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
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