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Assuming a perpetual inventory system and using the

Beginning inventory, purchases, and sales for Item VX48 are as follows:

July 1 Inventory 100 units at $8
8 Sale 90 units
15 Purchase 125 units at $12
25 Sale 60 units

Assuming a perpetual inventory system and using the first-in, first-out (LIFO) method, determine

(a) The cost of merchandise sold on July 25 and

(b) The inventory on July 31.

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Accounting Basics: Assuming a perpetual inventory system and using the

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