Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 90 units@ $26 & 72 units Inventory Sale Purchase 15 27 Sale 100 units $28 84 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 90 units@ $26 & 72 units Inventory Sale Purchase 15 27 Sale 100 units $28 84 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31

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Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item 88-HX are as follows:Oct. 1 Inventory8SalePurchase90 units @ $2672 units100 units @ $2884 unitsAssuming a perpetual inventory system and using the last-in, first-out (L

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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