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ge Lear X CengageNOWv2 | Online x Cengage Learning w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment Saw Ma Ho Perpebual Inventory Using LIFo HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega buly 1 B4 units o $B1 uoquanu 5 Sale 67 units Purchase 93 units o $33 11 78 units Sale 21 Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. 2,574 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Aaodbsck a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains b. The ending Inventory is made up of the oldest purchases.

ge Lear X CengageNOWv2 | Online x Cengage Learning w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment Saw Ma Ho Perpebual Inventory Using LIFo HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega buly 1 B4 units o $B1 uoquanu 5 Sale 67 units Purchase 93 units o $33 11 78 units Sale 21 Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. 2,574 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Aaodbsck a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains b. The ending Inventory is made up of the oldest purchases.

FINANCIAL ACCOUNTING
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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How do I go about finding the ending inventory using the lifo method?

ge Lear X CengageNOWv2 | Online x Cengage Learning w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment Saw Ma Ho Perpebual Inventory Using LIFo HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega buly 1 B4 units o $B1 uoquanu 5 Sale 67 units Purchase 93 units o $33 11 78 units Sale 21 Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. 2,574 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Aaodbsck a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains b. The ending Inventory is made up of the oldest purchases.
Transcribed Image Text:ge Lear X CengageNOWv2 | Online x Cengage Learning w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment Saw Ma Ho Perpebual Inventory Using LIFo HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega buly 1 B4 units o $B1 uoquanu 5 Sale 67 units Purchase 93 units o $33 11 78 units Sale 21 Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. 2,574 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Aaodbsck a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains b. The ending Inventory is made up of the oldest purchases.
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