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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 80 units@ $20 64 units 89 units@ $23 75 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 inver January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31 5 11 21 Inventory Sale Purchase Sale

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 80 units@ $20 64 units 89 units@ $23 75 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 inver January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31 5 11 21 Inventory Sale Purchase Sale

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 CZ83 are as follows: Inventory 80 units $20 Sale 64 units 89 units @ $23 21 75 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. January 1 5 11 Purchase Sale a. Cost of merchandise sold on January 21 b. Inventory on January 31
Transcribed Image Text:Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: Inventory 80 units $20 Sale 64 units 89 units @ $23 21 75 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. January 1 5 11 Purchase Sale a. Cost of merchandise sold on January 21 b. Inventory on January 31
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