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Beginning inventory purchases, and sales.

Beginning inventory, purhcases, and sales data for cell phones for Marhc are as follows:
Inventory:
March 1 1,000 units at $40

Purchases:
March 5 500 units at $42
March 20 450 units at $44

Sales:
Marhc 8 700 units
March 14 600 units
March 31 300 units

Assuming that the perpetual inventory system is used, costing by the LIFO methoid, determine the cost of merhcandise sold for each sale and the inventory balance after each sale, presenting the data in the form for entries and perpetual inventoy account LIFO.

May 24 2018 View more View Less

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