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Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 96 units@ $17 July 8 77 units July 15 Purchase 107 units @ $20 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. Inventory Sale a. Cost of goods sold on July 27 b. Inventory on July 31

Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 96 units@ $17 July 8 77 units July 15 Purchase 107 units @ $20 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. Inventory Sale a. Cost of goods sold on July 27 b. Inventory on July 31

FINANCIAL ACCOUNTING
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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Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 96 units@ $17 July 8 77 units July 15 Purchase 107 units @ $20 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. Inventory Sale a. Cost of goods sold on July 27 b. Inventory on July 31
Transcribed Image Text:Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 96 units@ $17 July 8 77 units July 15 Purchase 107 units @ $20 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. Inventory Sale a. Cost of goods sold on July 27 b. Inventory on July 31
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