Beginning inventory, purchases, and sales for Item Foxtrot
are as follows:

Assuming a...

Question

Beginning inventory, purchases, and sales for Item Foxtrot
are as follows:



Assuming a perpetual inventory system and using the last-in,
first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27
and (b) the inventory on March 31.

Bhavani · Accepted Answer

LIFO
		Perpetual Inventory  systems  LIFO  Method
	Date	Inventory  movements			Units	Unit  cost	Total  cost
	Mar-01	Beginning  Inventory			270	$ 18	$ 4,860
	Mar-08	Sale			225
	Mar-15	Purchase			375	$ 20	$ 7,500
	Mar-27	Sale			240
		Calculation  for
	a)	Cost  of  goods  sold
	Mar-27	Sale  of  Merchandise  cost			240	$ 20	$ 4,

Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise...

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