Beginning inventory, purchases, and sales for Item SJ68 are as follows: Assuming a perpetual inventory system and

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Beginning inventory, purchases, and sales for Item SJ68 are as follows:

Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine
(a) The cost of merchandise sold on August 30
(b) The inventory on August31.

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Jul 17, 2012 02:35 AM

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Beginning inventory, purchases, and sales for Item SJ68 are as follows: Assuming a perpetual inventory system and

Question:

Inventory Sale Purchase Sale Aug. 1 28 units at $34 15 units 22 units at $38 20 units 15 30

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Accounting

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