Beginning inventory purchases and sales for item foxtrot, Basic Statistics

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Beginning inventory purchases and sales for item foxtrot

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

Mar. 1	Inventory	270 units at $18
8	Sale	225 units
15	Purchase	375 units at $20
27	Sale	240 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.

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Basic Statistics: Beginning inventory purchases and sales for item foxtrot

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Basic Statistics: Beginning inventory purchases and sales for item foxtrot

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