Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 110 units @
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Question:
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 |
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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