Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows:...
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Accounting
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item PK95 are as follows:
January 1
Inventory
110 units @ $17
5
Sale
88 units
11
Purchase
122 units @ $19
21
Sale
102 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31.
a. Cost of merchandise sold on January 21
$
b. Inventory on January 31
$
PLEASE SHOW WORK
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