Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 92 units o $28 8. Sale 74 units 15 Purchase 102 units $30 27 Sale 86 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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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
92 units o $28
8
Sale
74 units
15
Purchase
102 units o $30
27
Sale
86 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 92 units o $28 8 Sale 74 units 15 Purchase 102 units o $30 27 Sale 86 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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