Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. 1 Inventory 270 units at $18 8 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 $fill in the blank 1 b. Inventory on March 31 $fill in the blank 2
Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. 1 Inventory 270 units at $18 8 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 $fill in the blank 1 b. Inventory on March 31 $fill in the blank 2
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 3PEB: Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual...
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item Foxtrot are as follows:
Mar. 1 | Inventory | 270 units at $18 | |
8 | Sale | 225 units | |
15 | Purchase | 375 units at $20 | |
27 | Sale | 240 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.
a. | Cost of merchandise sold on March 27 | $fill in the blank 1 |
b. | Inventory on March 31 | $fill in the blank 2 |
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