Beginning inventory, purchases, and sales for Item FC33 are as follows:

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, de- termine

(a) the cost of merchandise sold on March 29 and

(b) the inventory on March 31.objs. 4, 5

Transcribed Image Text:

Mar, 1 Inventory 23 units at $10 8 Sale 18 units 15 Purchase 57 units at $14 29 Sale 40 units