Question
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: January 1 Inventory 94 units @ $15 5 Sale 75
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| January 1 | Inventory | 94 units @ $15 | |
| 5 | Sale | 75 units | |
| 11 | Purchase | 104 units @ $17 | |
| 21 | Sale | 87 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31.
| a. Cost of merchandise sold on January 21 | $ |
| b. Inventory on January 31 | $ |
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The Partnership And Alliances Audit
Authors: David Connell, Peter J. LaPlaca, Kenneth Wexler
1st Edition
1907766065, 978-1907766060
