perpetual inventory using LIFO Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method,...

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perpetual inventory using LIFO

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise s

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Answer 1

Answer #1

(A)

cost of merchandise sold on July 21 = 99 x $25 = $2475

(B)

inventory on July 31 = {(106 - 85) x $21} + {(118 - 99) x $25}

= $441 + $475

= $916

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Answer 2

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