Perpetual inventory using FIFO OBJ. 3 Beginning inventory, purchases, and sales for Item Delta are as follows:
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Perpetual inventory using FIFO OBJ. 3 Beginning inventory, purchases, and sales for Item Delta are as follows:
July 1 Inventory 50 units at $15 7 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine
(a) the cost of merchandise sold on July 24 and
(b) the inventory on July 31.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781305267831,9781305267848
13th Edition
Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac
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