ge Lear X CengageNOWv2 | Online x Cengage Learning w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment Saw Ma Ho Perpebual Inventory Using LIFo HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega buly 1 B4 units o $B1 uoquanu 5 Sale 67 units Purchase 93 units o $33 11 78 units Sale 21 Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. 2,574 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Aaodbsck a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains b. The ending Inventory is made up of the oldest purchases.

Question

How do I go about finding the ending inventory using the lifo method?

ge Lear X
CengageNOWv2 | Online x
Cengage Learning
w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment
Saw Ma Ho
Perpebual Inventory Using LIFo
HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega
buly 1
B4 units o $B1
uoquanu
5 Sale
67 units
Purchase
93 units o $33
11
78 units
Sale
21
Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31.
2,574
a. Cost of merchandise sold on July 21
b. Inventory on July 31
Aaodbsck
a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains
b. The ending Inventory is made up of the oldest purchases.
Expand
Transcribed Image Text

ge Lear X CengageNOWv2 | Online x Cengage Learning w.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignment Session Locator=assignment Saw Ma Ho Perpebual Inventory Using LIFo HSWOla se aue 96%d wag y sajes pue 'sa9eupund Auquanu! Bujuutega buly 1 B4 units o $B1 uoquanu 5 Sale 67 units Purchase 93 units o $33 11 78 units Sale 21 Assuming a perpetual Inventory system and using the last-In, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. 2,574 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Aaodbsck a. When the LIFO method ls used, the cost of the units sold s the cost of the most recent purchases. Think of your Inventory In terms of "layers." Determine how much Inventory remains b. The ending Inventory is made up of the oldest purchases.

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