Beginning inventory, purchases, and sales data for cell phones for July are as follows: Assuming that the
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Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit4.
Transcribed Image Text:
Inventory Purchases Sales July 1 100 units at $30 July 3 80 units at $32 60 units at $33 July 7 13 31 72 units 80 units 32 units 21
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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