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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units $30 5 Sale 67 units 11 21 Purchase Sale 93 units @ $33 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 an the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units $30 5 Sale 67 units 11 21 Purchase Sale 93 units @ $33 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 an the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units @ $30 5 Sale 67 units 11 Purchase 93 units @ $33 21 Sale 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31
Transcribed Image Text:Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 84 units @ $30 5 Sale 67 units 11 Purchase 93 units @ $33 21 Sale 78 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31
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