Question
beginning inventory, purchases, and sales for item proX2 are as follows: Jan. 1 Inventory 60 units at $100 9 sale 35 units 13 Purchase 50
beginning inventory, purchases, and sales for item proX2 are as follows:
Jan. 1 Inventory 60 units at $100
9 sale 35 units
13 Purchase 50 units at 110
25 sale 48 units
assuming a perpetual inventory system and using the first- in, first-out (FIFO) method, determine:
a) the cost of merchandise sold on january 25
b) the inventory on January 31
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Financial Accounting Practice And Principles
Authors: Jan Bebbington, M. Richard Laughlin, Robert H. Gray, Gray Dave
3rd Edition
1861527713, 978-1861527714
