Question
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 108 units @ $23 5 Sale 86
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| July 1 | Inventory | 108 units @ $23 | |
| 5 | Sale | 86 units | |
| 11 | Purchase | 120 units @ $26 | |
| 21 | Sale | 101 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31.
| a. Cost of merchandise sold on July 21 | $fill in the blank 1 |
| b. Inventory on July 31 | $fill in the blank 2 |
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Auditing a risk based approach to conducting a quality audit
Authors: Karla Johnstone, Audrey Gramling, Larry Rittenberg
9th edition
9781133939160, 1133939155, 1133939163, 978-1133939153
