Q Accounting 25t © Chegg Study I G Eyeshadows & p Y coarse hero . Yal Homework H

Question

Q Accounting 25t © Chegg Study I G Eyeshadows & p Y coarse hero . Yal Homework Help Android 13 juitr + v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMan.do?invoker: a erchandise inventory. Ch 7-2 Practice Exerclses eBook Show Me How Calculator Print Item 1. PE.07-02.ALGO Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: 2. PE.07-03.ALGO 82 units $22 66 units 91 units$25 76 units July 1 Inventory 3. PE.07-04A 5 Sale 11 Purchase 21 Sale 4. PE.07-05.ALGO 5. PE.07-06.ALGO Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31 a. Cost of merchandise sold on July 21 b. Inventory on July 31 Check My Work 2 more Check My Work uses remaining. Previous Next Progress: 2/5 items Assignment Score: 0.0% Save and Exit Submit Assignment for Grading 3:31 PM 11/15/2017 10 Type here to search 97

Explanation / Answer

Calculate cost of merchandise sold and ending inventory under LIFO perpetual method

16

91

22

25

352

2275

16

15

22

25

352

375

Cost of goods merchandise sold $3352 ; Ending inventory $727

Date quantity purchase unit cost total cost quantity sold unit cost cost of goods sold inventory on hand unit cost ending inventory cost Beginning inventory 82 22 1804 July 5 66 22 1452 16 22 352 July 11 91 25 2275

16

91

22

25

352

2275

July 21 76 25 1900

16

15

22

25

352

375

Total 3352 727

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