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

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Description: Please do not give solution in image format thanku Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item CZ83 are as follows:Inventory80 units $20Sale64 units89 units @ $232175 unitsAssuming a perpetual inventory system and

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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