Question
Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 110 units @ $32 8 Sale 88 units 15 Purchase 122
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| Jan. 1 | Inventory | 110 units @ $32 | |
| 8 | Sale | 88 units | |
| 15 | Purchase | 122 units @ $34 | |
| 27 | Sale | 102 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31.
| a. Cost of goods sold on Jan. 27 | $fill in the blank 1 |
| b. Inventory on Jan. 31 |
Step by Step Solution
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Step: 1
To calculate the cost of goods sold and inventory using the lastin firstout LIFO method we need to f...
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Corporate Financial Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
12th edition
1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411
