Question
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 80 units @ $35 8 Sale 64
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| July 1 | Inventory | 80 units @ $35 | |
| 8 | Sale | 64 units | |
| 15 | Purchase | 89 units @ $38 | |
| 27 | Sale | 75 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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Business Analytics
Authors: Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann
5th Edition
0357902211, 978-0357902219
