Question
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 88 units @ $23 8 Sale 70 units 15 Purchase 98
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| Oct. 1 | Inventory | 88 units @ $23 | |
| 8 | Sale | 70 units | |
| 15 | Purchase | 98 units @ $27 | |
| 27 | Sale | 82 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31.
| a. Cost of goods sold on Oct. 27 | |
| b. Inventory on Oct. 31 |
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Managerial Accounting The Cornerstone Of Business Decision Making
Authors: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
8th Edition
0357715349, 978-0357715345
