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Determine the cost of goods sold on Oct

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

Oct. 1st Inventory 98 units @ $16

Oct 8th Sale 78 units

Oct 15th Purchase 109 units @ $20

Oct 27th Sale 92 units

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

Reference no: EM133041651

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