Question
Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 Units at $52 July 8 Sale 75 Units July 15
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| July 1 | Inventory | 90 Units at $52 |
| July 8 | Sale | 75 Units |
| July 15 | Purchase | 125 Units at $58 |
| July 27 | Sale | 100 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.
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Health And Safety Audit An External Audit Perspective
Authors: Abdel Rahman Mansour
1st Edition
6139899648, 978-6139899647
