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Assuming a perpetual inventory system and using the last-in

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Perpetual Inventory Using LIFO,Beginning inventory, purchases, and sales for Item CZ83 are as follows:

October 1
Inventory 108 units @ $17
5
Sale 86 units
11
Purchase 120 units @ $20
21
Sale 101 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31.

a.Cost of merchandise sold on October 21 $
b.Inventory on October 31 $

 

Reference no: EM13590259

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