Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description July 1 July 8 July 15 July 27 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. Inventory Sale Purchase Sale Value 90 units @ $16 72 units 100 units @ $19 84 units a. Cost of goods sold on July 27 fill in the blank 1 of 2 b. Inventory on July 31 fill in the blank 2 of 2
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description July 1 July 8 July 15 July 27 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. Inventory Sale Purchase Sale Value 90 units @ $16 72 units 100 units @ $19 84 units a. Cost of goods sold on July 27 fill in the blank 1 of 2 b. Inventory on July 31 fill in the blank 2 of 2
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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