Question
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at $54 8 Sale 75
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| July 1 | Inventory | 90 units at $54 | |
| 8 | Sale | 75 units | |
| 15 | Purchase | 125 units at $60 | |
| 27 | Sale | 80 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 | $ |
| b. | Inventory on July 31 | $ |
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Payroll Accounting
Authors: Bernard J. Bieg, Judith A. Toland
2013 edition
113396253X, 978-1133962533
