FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Oct. 1 | Inventory | 98 units @ $33 | |
8 | Sale | 78 units | |
15 | Purchase | 109 units @ $36 | |
27 | Sale | 92 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31.
a. Cost of goods sold on Oct. 27 | $ |
b. Inventory on Oct. 31 | $ |
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