Financial Accounting
Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item FK7 are as follows:
Sept. 1
Inventory
115 units at $255
10
Sale
100 units
18
Purchase
110 units at $260
27
Sale
105 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchan
September 27 and (b) the inventory on September 30.
a. Cost of merchandise sold on September 27
$4
b. Inventory on September 30
8
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Transcribed Image Text:Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item FK7 are as follows: Sept. 1 Inventory 115 units at $255 10 Sale 100 units 18 Purchase 110 units at $260 27 Sale 105 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchan September 27 and (b) the inventory on September 30. a. Cost of merchandise sold on September 27 $4 b. Inventory on September 30 8
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