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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 110 units @ $25 5 Sale 88
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item CZ83 are as follows:
January 1 |
| Inventory | 110 units @ $25 |
5 |
| Sale | 88 units |
11 |
| Purchase | 122 units @ $27 |
21 |
| Sale | 102 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31.
a. Cost of merchandise sold on January 21 | $ |
b. Inventory on January 31 | $ |
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