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HELP URGENT!!! c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method.
HELP URGENT!!!
c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances atter each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand Unit Unit Total Unit Total Dato Quantity Quantity Quantity Cost Aug 1 3 Total Cost Cost Cost Cost Cost 12 15 20 28 Totals ... More Info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 Beginning merchandise inventory, 16 books @ $20 each Sold 6 books @ $24 each Purchased 10 books @ $22 each Sold 12 books @ $24 each Purchased 6 books @ $28 each Sold 7 books @ $30 each Print Done Step by Step Solution
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