Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: July 1 Inventory 94 units @ $30 5 Sale 75 units 11 Purchase 104 units @ $34 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: July 1 Inventory 94 units @ $30 5 Sale 75 units 11 Purchase 104 units @ $34 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
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: July 1 Inventory 94 units @ $30 5 Sale 75 units 11 Purchase 104 units @ $34 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2
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