Question
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description Value July 1 Inventory 108 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 | 108 units @ $20 |
| July 8 | Sale | 86 units |
| July 15 | Purchase | 120 units @ $23 |
| July 27 | Sale | 101 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.
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Tax Accounting
Authors: Greg Shields
1st Edition
163716128X, 978-1637161289
