Question
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: May 1 Inventory 45 units @ $19 9 Sale 32
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item HM46 are as follows:
May 1 Inventory 45 units @ $19 9 Sale 32 units 13 Purchase 43 units @ $22 28 Sale 22 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 $
Perpetual Inventory Using FIFO
Beginning inventory, purchases, and sales for Item HM46 are as follows:
| May 1 | Inventory | 45 units @ $19 | |
| 9 | Sale | 32 units | |
| 13 | Purchase | 43 units @ $22 | |
| 28 | Sale | 22 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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