Question
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 110 units @ $26 5 Sale 88
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item CZ83 are as follows:
| October 1 | Inventory | 110 units @ $26 | |
| 5 | Sale | 88 units | |
| 11 | Purchase | 122 units @ $28 | |
| 21 | Sale | 102 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31.
| a. Cost of merchandise sold on October 21 | $fill in the blank 1 |
| b. Inventory on October 31 | $fill in the blank 2 |
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
