Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July...
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item HM46 are as follows:
| July 1 | Inventory | 82 units @ $29 | |
| 5 | Sale | 66 units | |
| 11 | Purchase | 91 units @ $32 | |
| 21 | Sale | 76 units |
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31.
| a. Cost of merchandise sold on July 21 | $ |
| b. Inventory on July 31 | $ |
Homework Answers
LIFO Method - Perpetual inventory
Cost of goods sold on July 21st = 76 * $ 32 = $ 2432.
Closing inventory on July 31st = ( 16 * $ 29 ) + ( 15 * $ 32 ) = $ 944.
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Perpetual Inventory Using LIFO
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