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ziro4ka [17]
3 years ago
9

Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales:

Business
1 answer:
Rom4ik [11]3 years ago
7 0

Answer:

The value of cost of goods sold is $2,730 as shown below

Explanation:

The sale of 120 units made on January 17 is valued at $1,080  (120*$9) taking from stock purchased last on January 1

The sale of 160 units on January 29 is valued at $1,650    (150 units*$11) taking the items purchased last on January 20

The cost of goods sold =$1,080+$1,650

Cost of goods sold=$2,730

The value of closing inventory=30*$9+10*$11

                                                   =$270+$110

                                                   =$380

Hence value of costs of good sold is $2,730 while closing inventory is valued at $380

           

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