Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $27 8 Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 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 Inventory 88 units @ $27 8 Sale 70 units 15 Purchase 98 units @ $29 27 Sale 82 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. 1Inventory88 units @ $278.Sale70 units15Purchase98 units @ $2927Sale82 unitsAssuming a perpetual inventory system and using the last-in, first

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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Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 102 units @ $35 8 Sale 82 units 15 Purchase 113 units @ $37 27 Sale 95 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
Subject: accounting
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