During July, the following purchases and sales were made by Phast Company. There was no beginning inventory. Phast Company uses a perpetual inventory system. Purchases Sales July 3 40 units @ $14 July 13 50 units 11 40 units @ $15 22 20 units 20 20 units @ $16 Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 $700 $280 750 300 740 320 800 320

During July, the following purchases and sales were made by Phast Company. There was no beginning inventory. Phast Company uses a perpetual inventory system. Purchases Sales July 3 40 units @ $14 July 13 50 units 11 40 units @ $15 22 20 units 20 20 units @ $16 Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 $700 $280 750 300 740 320 800 320

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Description: During July, the following purchases and sales were made by Phast Company. There was no beginning inventory. PhastCompany uses a perpetual inventory system.PurchasesSalesJuly 340 units @ $14July 1350 units1140 units @ $152220 units2020 units @ $16Un

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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