Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 100 units @ $28 8. Sale 80 units 15 Purchase 111 units @ $32 27 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 100 units @ $28 8. Sale 80 units 15 Purchase 111 units @ $32 27 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![S Module Three Assignment - ACC X
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Jan. 1
Inventory
100 units @ $28
8.
Sale
80 units
15
Purchase
111 units @ $32
27
Sale
93 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the
inventory on Jan. 31.
a. Cost of goods sold on Jan. 27
b. Inventory on Jan. 31
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Transcribed Image Text:S Module Three Assignment - ACC X
* CengageNOWv2 | Online teachin x
now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. *
O eBook
Show Me How
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Jan. 1
Inventory
100 units @ $28
8.
Sale
80 units
15
Purchase
111 units @ $32
27
Sale
93 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the
inventory on Jan. 31.
a. Cost of goods sold on Jan. 27
b. Inventory on Jan. 31
(Previous
Check My Work
6:33 AM
A 45°F
ヘ ロ回 ロ
11/13/2021
prt sc
delete
home
ho
A
144
40
af-
+ backspace
9.
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