Beginning inventory, purchases, and sales for Item HM46 are as follows: March 1 Inventory 100 units @ $19 5 Sale 80 units 11 Purchase 111 units @ $23 21 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31.
Beginning inventory, purchases, and sales for Item HM46 are as follows: March 1 Inventory 100 units @ $19 5 Sale 80 units 11 Purchase 111 units @ $23 21 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEB: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...
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Beginning inventory, purchases, and sales for Item HM46 are as follows:
March 1 | Inventory | 100 units @ $19 | |
5 | Sale | 80 units | |
11 | Purchase | 111 units @ $23 | |
21 | Sale | 93 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31.
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