Question
Beginning inventory, purchases, and sales for Item HM46 are as follows: May 1 Inventory 57 units @ $20 9 Sale 42 units 13 Purchase 50
Beginning inventory, purchases, and sales for Item HM46 are as follows:
| May 1 | Inventory | 57 units @ $20 | |
| 9 | Sale | 42 units | |
| 13 | Purchase | 50 units @ $21 | |
| 25 | Sale | 24 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31.
| a. Cost of merchandise sold on May 25 | $fill in the blank 1 |
| b. Inventory on May 31 |
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Management And Cost Accounting Student Manual Free Tracked Delivery
Authors: Colin Drury, Mike Tayles
1st Edition
9781473773622
