Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units $30 5 Sale 67 units 11 21 Purchase Sale 93 units @ $33 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 an the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units $30 5 Sale 67 units 11 21 Purchase Sale 93 units @ $33 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 an the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...
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![Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item CZ83 are as follows:
January 1
Inventory
84 units @ $30
5
Sale
67 units
11
Purchase
93 units @ $33
21
Sale
78 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b)
the inventory on January 31.
a. Cost of merchandise sold on January 21
b. Inventory on January 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80a88872-59e7-4213-96f6-f50b47507580%2Fc78f34ae-dd1b-4d0e-81f4-dbb801b0d891%2Fz6g5q0j_processed.png&w=3840&q=75)
Transcribed Image Text:Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item CZ83 are as follows:
January 1
Inventory
84 units @ $30
5
Sale
67 units
11
Purchase
93 units @ $33
21
Sale
78 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b)
the inventory on January 31.
a. Cost of merchandise sold on January 21
b. Inventory on January 31
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