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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar....

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item Foxtrot are as follows:

Mar. 1 Inventory 270 units at $18
8 Sale 225 units
15 Purchase 375 units at $20
27 Sale 240 units

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

a. Cost of merchandise sold on March 27 $
b. Inventory on March 31 $
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Answer #1

a)

Units Rate Amount
Sale from Mar 15 purchase 240 $   20 $   4,800
Cost of goods sold 240 $   4,800

b)

Units Rate Amount
Balance from Mar 15 purchase (375-240) 135 $   20 $   2,700
Balance from Beginning inventory (270-225) 45 $   18 $      810
Ending inventory 180 $   3,510

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