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Beginning inventory, purchases, and sales for Item ER27 are as follows: October 1 Inventory 82 units @ $20 5 Sale 66 units 11 Purchase


 

Beginning inventory, purchases, and sales for Item ER27 are as follows: October 1 Inventory 82 units @ $20 5 Sale 66 units 11 Purchase 91 units @ $22 21 Sale 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31. a. Cost of merchandise sold on October 21 b. Inventory on October 31

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LIFO Inventory Calculation for Item ER27 We can use the LIFO LastIn FirstOut method to determine the ... blur-text-image

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