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A Company Reported the Current Month Purchase and Sales Data

Question 207

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A company reported the current month purchase and sales data for its only product and uses the perpetual inventory system.Determine the cost assigned to ending inventory and cost of goods sold using LIFO.
 Date  Activities  Units Acquired at Cost  Units Sold at Retail  Apri11  Beginning Inventory 175 units@$15.00 4 Purchase 150 units@$16.00 7 Sales 160 units @$30.00 10 Purchase 200 units@$17.00 16 Sales 250 units@$30.00 25 Purchase 160 units@$18.00 128 Sales 150 units@ $32.00\begin{array}{|l|l|l|l|}\hline \text { Date } & \text { Activities } & \text { Units Acquired at Cost } & \text { Units Sold at Retail } \\\hline \text { Apri11 } & \text { Beginning Inventory } & 175 \text { units@\$15.00 } & \\\hline 4 & \text { Purchase } & 150 \text { units@\$16.00 } & \\\hline 7 & \text { Sales } & & 160 \text { units @\$30.00 } \\\hline 10 & \text { Purchase } & 200 \text { units@\$17.00 } & \\\hline 16 & \text { Sales } & &250 \text { units@\$30.00 } \\\hline 25 & \text { Purchase } &160 \text { units@\$18.00 } & \\\hline 128 & \text { Sales } &&150 \text { units@ } \$ 32.00\\\hline \end{array}

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