Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Jan. 1		Inventory	110 units @ $32
8		Sale	88 units
15		Purchase	122 units @ $34
27		Sale	102 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31.

a. Cost of goods sold on Jan. 27	$fill in the blank 1
b. Inventory on Jan. 31

Answer rating: 100% (QA)

To calculate the cost of goods sold and inventory using the lastin firstout LIFO method we need to f... View the full answer