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During July, the following purchases and sales were made by Waterway Company. There was no beginning inventory. Waterway Company uses a perpetual inventory system. July 3 11 20 Purchases 50 units @ $10 July 13 60 units 50 units @ $11 27 units @ $12 July 13 Sales Under the LIFO method, the cost of goods sold for each sale is: July 22 22 27 units

During July, the following purchases and sales were made by Waterway Company. There was no beginning inventory. Waterway Company uses a perpetual inventory system. July 3 11 20 Purchases 50 units @ $10 July 13 60 units 50 units @ $11 27 units @ $12 July 13 Sales Under the LIFO method, the cost of goods sold for each sale is: July 22 22 27 units

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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O O $650 $720 $324 $324
Transcribed Image Text:O O $650 $720 $324 $324
During July, the following purchases and sales were made by Waterway Company. There was no beginning inventory. Waterway Company uses a perpetual inventory system. July 3 11 20 Sales 50 units @ $10 July 13 60 units July 13 Purchases 50 units @ $11 27 units @ $12 Under the LIFO method, the cost of goods sold for each sale is: $610 $660 July 22 $270 22 27 units $297
Transcribed Image Text:During July, the following purchases and sales were made by Waterway Company. There was no beginning inventory. Waterway Company uses a perpetual inventory system. July 3 11 20 Sales 50 units @ $10 July 13 60 units July 13 Purchases 50 units @ $11 27 units @ $12 Under the LIFO method, the cost of goods sold for each sale is: $610 $660 July 22 $270 22 27 units $297
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