Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item
88-Hx
are as follows: \table[[Mar. 1,Inventory,80 units @ $20],[8,Sale,64 units],[15,Purchase,89 units @ $24],[27,Sale,75 units]] Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31

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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item

88-Hx

are as follows: \table[[Mar. 1,Inventory,80 units @ $20],[8,Sale,64 units],[15,Purchase,89 units @ $24],[27,Sale,75 units]] Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 b. Inventory on Mar. 31

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