Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: May 1 Inventory 41 units @ $22 9 Sale 30
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| May 1 | Inventory | 41 units @ $22 | |
| 9 | Sale | 30 units | |
| 13 | Purchase | 27 units @ $24 | |
| 28 | Sale | 16 units |
Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.
| a. Cost of merchandise sold on May 28 | $ |
| b. Inventory on May 31 | $ |
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Forensic Accounting And Financial Statement Fraud Forensic Accounting Performance
Authors: Zabihollah Rezaee
1st Edition
1949991075, 978-1949991079
