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Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 88 units @ $22 5 Sale 70 units 11 Purchase 98
Beginning inventory, purchases, and sales for Item HM46 are as follows:
July 1 Inventory 88 units @ $22
5 Sale 70 units
11 Purchase 98 units @ $25
21 Sale 82 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.
a. Cost of merchandise sold on July 21 ____________
b. Inventory on July 31 ______________
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