Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 92 units @ $29 5 Sale 74 units 11 Purchase 102 units @ $31 21 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31. a. Cost of merchandise sold on October 21 $ b. Inventory on October 31 $
Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 92 units @ $29 5 Sale 74 units 11 Purchase 102 units @ $31 21 Sale 86 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31. a. Cost of merchandise sold on October 21 $ b. Inventory on October 31 $
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Inventories
Section: Chapter Questions
Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item CZ83 are as follows:
October 1 | Inventory | 92 units @ $29 | |
5 | Sale | 74 units | |
11 | Purchase | 102 units @ $31 | |
21 | Sale | 86 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31.
a. Cost of merchandise sold on October 21 | $ |
b. Inventory on October 31 | $ |
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