=+Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of
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=+Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine
(a) the cost of merchandise sold on April 24 and
(b) the inventory on April 30.
Jan. 1 Inventory 5 units at $120 $ 600 Feb. 13 Purchase 65 units at $114 7,410 Oct. 30 Purchase 10 units at $119 1,190 __ ______ Available for sale 80 units $9,200 __ ______ __ ______
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