Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item CZ83 are as follows:January 1Inventory90 units @ $28Sale72 units11Purchase100 units @ $3021Sale84 unitsAsperual invery system and using the last-in, first-out (LIFO) method, determine (a) the cost ofmerchandise sold on January 21 and (b) the inventory on January 31.a. Cost of merchandise sold on January 21$b. Inventory on January 31 Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:January 1Inventory36 units @ $219.Sale25 units13Purchase22 units @ $2225Sale18 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost ofmerchandise sold on January 25 and (b) the inventory on January 31.a. Cost of merchandise sold on January 252$b. Inventory on January 31

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Description: Perpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item CZ83 are as follows:January 1Inventory90 units @ $28Sale72 units11Purchase100 units @ $3021Sale84 unitsAsperual invery system and using the last-in, first-out (LIFO) me

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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 90 units @ $28 5 Sale 72 units 11 Purchase 100 units @ $30 21 Sale 84 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.

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 90 units @ $28 5 Sale 72 units 11 Purchase 100 units @ $30 21 Sale 84 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.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...

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