Question
Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 90 units @ $30 5 Sale 72 units 11 Purchase 100
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| July 1 | Inventory | 90 units @ $30 | |
| 5 | Sale | 72 units | |
| 11 | Purchase | 100 units @ $32 | |
| 21 | Sale | 84 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31.
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The Audit Is A Powerful Management Tool
Authors: Fateh Bouchene
1st Edition
6204366548, 978-6204366548
