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

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Oct. 1 Inventory
8
Sale
Purchase
90 units @ $26
72 units
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
Transcribed Image Text:Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 8 Sale Purchase 90 units @ $26 72 units 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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