Question: EX 7-4 Perpetual inventory using LIFO OBJ. 2, 3 Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in,

EX 7-4 Perpetual inventory using LIFO OBJ. 2, 3 Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out 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 Exhibit 4. EX 7-4 Perpetual inventory using LIFO OBJ. 2, 3 Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out 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 Exhibit 4

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