Beginning inventory, purchases, and sales for Item Gidget are as follows: Sept....
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Accounting
Beginning inventory, purchases, and sales for Item Gidget are as follows:
Sept. 1
Inventory
80 units at $175
10
Sale
65 units
18
Purchase
75 units at $180
27
Sale
70 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.
a. Cost of merchandise sold on September 27
$
b. Inventory on September 30
$
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