Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows: a. Assuming
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Beginning inventory, purchases, and sales data for prepaid cell phones for August are as follows:
a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-outmethod?
Transcribed Image Text:
Inventory Purchases Sales Aug. 1 775 units at $44 Aug. 10 360 units at s45 Aug. 12 600 units at $48 14 31 600 units 415 units 500 units 20
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Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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