Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for...
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Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 13,100 units at $32 Sales Dec. 12 2,170 units 141,860 units 31930 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of good form illustrated in Exhibit 4. Under LFO, if units are in inventory at two different costs, enter the units with the HIC in the Inventory Unit Cost column. a. Acempg that the perpetual inventory system is used, costing by the LFO method, determine the cost of goods sold for each sale and the inventory form als strated in Exhibt 4 . Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goo the the thenton Unit cost column. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the first-in, first-out method? 5 more Check My Work uses remaining
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