Question
Beginning inventory, purchases, and sales for Item ER27 are as follows: October 1 Inventory 106 units @ $19 5 Sale 85 units 11 Purchase 118
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| October 1 | Inventory | 106 units @ $19 | |
| 5 | Sale | 85 units | |
| 11 | Purchase | 118 units @ $23 | |
| 21 | Sale | 99 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 | $fill in the blank 1 |
| b. Inventory on October 31 | $fill in the blank 2 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Digital Transformation Of Auditing And The Evolution Of The Internal Audit
Authors: Nabyla Daidj
1st Edition
1032103914, 978-1032103914
