Beginning inventory, purchases and sales for Item ER27 are as follows:Jan 1 Inventory 94 units @ $15Jan 5 Sale 75 unitsJan 11 Purchase 104 units @ $17Jan 21 Sale 87 units
Required:Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine:a) the cost of merchandise sold on January 21. b) the inventory on January 31.
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Home » Business » Beginning inventory, purchases and sales for Item ER27 are as follows:Jan 1 Inventory 94 units @ $15Jan 5 Sale 75 unitsJan 11 Purchase 104 units @ $17Jan 21 Sale 87 units Required:Assuming a perpetual inventory system and using the last-in,