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Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory system and the LIFO method. Date Item Units Cost
Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory system and the LIFO method.
| Date | Item | Units | Cost | Total |
| Beginning inventory | 5 | $10 | $50 | |
| October 4 | Purchase | 8 | 12 | 96 |
| October 8 | Sale | 6 | ||
| October 20 | Purchase | 15 | 14 | 210 |
| October 25 | Sale | 12 |
a.$210
b.$72
c.$62
d.$96
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Financial Accounting
Authors: Alan Melville
2nd Edition
0273634399, 978-0273634393
