Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July...

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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July...

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

July 1	Inventory	88 units @ $33
8	Sale	70 units
15	Purchase	98 units @ $35
27	Sale	82 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31.

a. Cost of goods sold on July 27	$
b. Inventory on July 31	$

business finance

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Answer 1

Answer #1

a. Cost of goods sold on July 27 = 82 units * $35 = $2,870

b. Inventory on July 31 = (18 units * $33) + (16 units * $35) = $1,154

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Answer 2

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