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Determine the cost of goods sold on Jan

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

Jan. 1 Inventory 104 units @ $16

Jan. 8 Sale 83 units

Jan. 15 Purchase 115 units @ $19

Jan. 27 Sale 97 units

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

Reference no: EM133100003

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