Question
Msica y Ms had an inventory of guitars and other musical instruments. Using the FIFO method and the perpetual inventory system, the company recorded initial
Msica y Ms had an inventory of guitars and other musical instruments. Using the FIFO method and the perpetual inventory system, the company recorded initial inventory, purchases, and sales. Determine the cost of merchandise sold and the value of the inventory.
| Fecha | Detalle | Cantidad | Costo de unidad (unit cost) |
| Mayo 1 | Beggining Balance | 10 | $91 |
| 6 | Sale | 6 | |
| 8 | Purchase | 14 | 95 |
| 13 | sale | 4 | |
| 30 | Sale | 7 |
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Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
10th Canadian edition Volume 1
978-0134213101, 134213106, 133855376, 978-0133855371
