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In: Accounting

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar....

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Mar. 1 Inventory 88 units @ $21
8 Sale 70 units
15 Purchase 98 units @ $23
27 Sale 82 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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