Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 104 units @ $22 5 Sale 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

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 104 units @ $22 5 Sale 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

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Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item PK95 are as follows:July 15InventorySale104 units @ $2283 units11 Purchase115 units @ $2421Sale97 unitsAssuming a perpetual inventory system and using the last-in, firs

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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