Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item PK95 are as follows:July 1Inventory90 units @ $30Sale72 unitsPurchase100 units @ $321121Sale84 unitsAssuming 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 July31.a. Cost of merchandise sold on July 21b. Inventory on July 31

a) Cost of Merchandise sold on July 21 Date Particulars Unit Per unit Total Cost July 1…

Answered: Perpetual Inventory Using LIFO…

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 88-HX are as follows: July 1 Inventory 82 units @ $20 July 8 Sale 66 units July 15 Purchase 91 units @ $24 July 27 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 82 units @ $34 5 66 units 91 units @ $37 76 units 11 21 Inventory Sale Purchase Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 b. Inventory on March 31
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 5 Inventory Sale 104 units @ $22 83 units 11 Purchase 115 units @ $24 21 Sale 97 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 b. Inventory on July 31
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 15 units 17 Purchase 25 units @ $18 30 Sale 16 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 25 units @ $12 5 Sale 12 units 17 Purchase 28 units @ $15 30 Sale 18 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30. $
Pares
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @$17 5 Sale 13 units 17 Purchase 24 units $18 30 Sale 26 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 33 units @ $21 5 Sale 19 units 17 Purchase 34 units 30 Sale 36 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 @ $22
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 86 units @ $33 July 1 Inventory July 8 Sale 69 units July 15 Purchase 95 units @ $36 July 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31

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