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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 92 units @$34 October 1 Inventory 5 Sale 74 units
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 92 units @$34 October 1 Inventory 5 Sale 74 units Purchase 11 102 units @$37 21 86 units Sale 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 b. Inventory on October 31
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