Question
Beginning inventory, purchases, and sales for Item PK95 are as follows: August 1 Inventory 37 units @ $21 9 Sale 26 units 13 Purchase 22
Beginning inventory, purchases, and sales for Item PK95 are as follows:
| August 1 | Inventory | 37 units @ $21 | |
| 9 | Sale | 26 units | |
| 13 | Purchase | 22 units @ $24 | |
| 28 | Sale | 20 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 28 and (b) the inventory on August 31.
| a. Cost of merchandise sold on August 28 | $ |
| b. Inventory on August 31 | $ |
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Financial Accounting
Authors: V.K. Gopal
1st Edition
9788174467461
