Problem
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
|
Jan. 1
|
Inventory
|
102 units @ $27
|
|
8
|
Sale
|
82 units
|
|
15
|
Purchase
|
113 units @ $31
|
|
27
|
Sale
|
95 units
|
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (i) the cost of goods sold on Jan. 27 and (ii) the inventory on Jan. 31.