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Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory...

Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory system and the LIFO method.

Date Item Units Cost Total
Beginning inventory 5 $10 $50
October 4 Purchase 8 12 96
October 8 Sale 6
October 20 Purchase 15 14 210
October 25 Sale 12

a.$210

b.$72

c.$62

d.$96

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Answer #1

Last in first out = Last purchased items are first sold.

sale on October 8th = 6 units

Cost of goods sold on October 8th = 6 units * $12 / unit = $72

So, Cost of Merchandise sold on October 8, using LIFO = $72

Option 'B' is correct

Answer is $72

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