Question
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description Value July 1 Inventory 86 units @ $15 July 8
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| Date | Line Item Description | Value |
|---|---|---|
| July 1 | Inventory | 86 units @ $15 |
| July 8 | Sale | 69 units |
| July 15 | Purchase | 95 units @ $18 |
| July 27 | Sale | 80 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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Global Financial Accounting And Reporting Principles And Analysis
Authors: Peter Walton, Walter Aerts
2nd Edition
1408017725, 978-1408017722
