Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 July 8 July 15 107 units @ $33 July 27 Sale 90 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold Inventory Sale Purchase a. Cost of goods sold on July 27 b. Inventory on July 31 96 units @ $29 77 units July 27 and (b) the inventory on July 31.
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 July 8 July 15 107 units @ $33 July 27 Sale 90 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold Inventory Sale Purchase a. Cost of goods sold on July 27 b. Inventory on July 31 96 units @ $29 77 units July 27 and (b) the inventory on July 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![Perpetual inventory using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
July 1 Inventory
96 units @ $29
July 8
Sale
77 units
July 15
Purchase
107 units @ $33
July 27 Sale
90 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.
a. Cost of goods sold on July 27
b. Inventory on July 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F46b3d409-f257-4e46-bc82-edc178c1a128%2F48f67a57-79bc-4b3e-92c6-8d084650dbc2%2Frzgep3ht_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Perpetual inventory using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
July 1 Inventory
96 units @ $29
July 8
Sale
77 units
July 15
Purchase
107 units @ $33
July 27 Sale
90 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.
a. Cost of goods sold on July 27
b. Inventory on July 31
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