Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory July 8...

 

Transcribed Image Text:

Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory July 8 Sale 82 units @ $27 66 units July 15 Purchase July 27 Sale 91 units @ $30 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31 Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory July 8 Sale 82 units @ $27 66 units July 15 Purchase July 27 Sale 91 units @ $30 76 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31

Answer rating: 100% (QA)

To calculate the cost of goods sold on July 27 and the inventory on July 31 using the lastin firstou... View the full answer