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Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description Value July 1 Inventory 100 units
Perpetual inventory using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Date | Line Item Description | Value |
---|---|---|
July 1 | Inventory | 100 units @ $17 |
July 8 | Sale | 80 units |
July 15 | Purchase | 111 units @ $19 |
July 27 | Sale | 93 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 fill in the blank 1_______ b. Inventory on July 31 fill in the blank 2_______
the last response was incorrect for some reason so im hoping i can get it correct this time
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